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VTB finances DON-stroy housing construction

 
17 November 2008

Striving to enhance cooperation with building societies VTB Bank finances DON-stroy company projects in the sphere of housing construction. The Parties entered into a number of agreements, under which the Bank is to grant USD 500 million loans to the company.  

DON-stroy will channel the funds into completing the construction of housing estates being under different implementation stages in Moscow. First of all, it is related to the projects at the final implementation stages, which could be accelerated significantly due to financial borrowing. Among them are the following housing complexes:

  • House in Sokolniki  - putting into operation is set for December 2008;
  • House on Begovaya (second tern, Building B) -1Q 2009;
  • Izmaylovsky (first turn) - 1Q 2009;
  • Seventh Heaven - 1Q 2009;
  • House on Pokrovsky Boulevard - 1Q 2009.

Besides, cooperation with VTB will allow DON-stroy to provide sustained financing of construction projects to be implemented in 2010. Among them are Losiny Ostrov, Setun Presidential Complex and Plyushchikha Residential District. 

"Thus, DON-stroy will be able to safely stick to the announced construction schedules. And despite unstable current situation in the real estate market, in 2008 the company will put into operation 389,415 sq.m. of the housing" - said Maxim Blazhko, Chairman of the DS Holding Board of Directors.

For reference:
The DON-stroy group of companies is one of the leading developers in the Moscow property market. Today, the company has more than 50 already implemented projects, those being under construction and under the development in the sphere of residential and commercial real estate with the total area of over 4,500,000 sq.m. The most famous of them are Alye Parusa, Triumph-Palace, Vorobievy Gory, House on Mosfilmovskaya, REC Shchuka and NordStar Tower business centre. DON-stroy operates in the highest segments of residential real estate, such as  Business, Premium and De Luxe. Over the 14 years, the company constructed 30 buildings with the total area exceeding 1,500,000 sq.m., and 11 more are under implementation stages.

In 2008, according to FORBES magazine the DON- stroy group of companies became the largest Russian developer of the highest segments of residential and commercial real estate and was ranked 46th in FORBES-200 among the largest Russian companies. The holding profit over the 2007 financial year amounted to USD 1,500 million. For more information, visit the company's website at www.donstroy.com


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