VTB Bank builds up its cooperation with real estate and construction companies and has set a three-year lending limit of RUR 9.9 bln for AFI Development Group.
Funds within the limit will support growth of the Group's development activity and finance expenses on design and construction of one of AFI Development's key projects, overground part of Moscow-City MIBC Central Core, which is a five-level shopping center with an area of 114 tsd sq. m. (GLA).
VTB Bank has already granted AFI Development a first loan of RUR 1.4 bln for the term of 12 months.
AFI Development, founded in 2001, is a subsidiary of Africa Israel Investment Ltd., an international investment holding, founded in 1934, with more than 70 years of unique experience in development activity around the world, including Europe and the USA.
The portfolio of AFI Development includes 33 projects in residential and commercial real estate, as well as multifunctional complexes in 20 locations in Russia, the total area of premises amounting to 3.7 mln sq. m. The projects realized include offices, trade centers, hotels, multifunctional complexes and residential buildings. The company develops projects in the Russian cities of Moscow, St. Petersburg, Perm, Volgograd and Kislovodsk, as well as in a number of Ukrainian cities.
In May 2007 AFI Development launched its London Stock Exchange IPO, which raised USD 1.4 bln.