VTB Bank has provided a RUB 2.7 billion credit line to Business Park Savelovsky, a company of MR Group, for a period of three years to finance the first phase of Savelovsky City, a B Class multifunctional complex in Moscow. MR Group will act as the project developer.
Savelovsky City will be built on a 5.1 hectare plot of land owned by MR Group. The first phase of the project will consist of two 19-storey office buildings connected by an underground parking area for 215 vehicles, and a five-storey above-ground garage for 493 vehicles. The total footprint will be 84,870 square metres (53,320 square metres without parking areas). Savelovsky City will be located near Dmitrovskaya metro station, the Third Ring Road, Butyrskaya Street and Dmitrovskoye Highway.
The first tranche of the loan facility, worth RUB 500 million, was allocated in late December 2012.
Senior Vice President at VTB Bank Pavel Kosov, head of the bank’s Development Projects Department, said: “We welcome the expansion of cooperation with such a reliable developer as MR Group. Modern office and business centres enjoy stable demand in Moscow, and so financing such projects is a promising area, which we have been developing at VTB”.
“B Class business centres beyond the Third Ring Road are among the most highly sought after among large and medium-sized companies which have a strong back office and strive for an optimal balance between price and quality. Since such office premises are in short supply, the demand for premises in Savelovsky City, which will be built with the support of VTB Bank, will be high on the commercial real estate market. The second phase of the project includes the construction of apartments and offices, so Savelovsky City should become a positive example of a comprehensive development project,” said Irina Dzyuba, a partner with MR Group.
The first phase of the Savelovsky City project is due to be completed in the second quarter of 2014.