VTB Bank has signed a loan agreement with Setl City (part of Setl Group) to finance additional construction at Setl’s MORE residential construction project in St Petersburg’s Baltic Pearl district.
The bank will provide a credit facility with a limit of RUB 1.7 billion until December 2015.
The company intends to use the funds to construct the first residential building as part of the project’s third stage. The building will contain 607 flats, commercial premises and three underground parking garages with a capacity of 273 vehicles.
"VTB Bank is our strategic partner in the financing of our Baltic Pearl projects," said Setl Group CEO Yan Izak. "We have repaid the previous credit facility taken out for the project’s second stage two years early, at the same time as the bank is opening our new credit facility. This format of cooperation enables us to manage our borrowings efficiently within the existing limits offered by the bank."
The third stage of the MORE project includes five blocks of flats with a total area exceeding 100,000 sq m and underground parking garages for over 1,000 cars. The residents of the new buildings will benefit from brand new public service and retail infrastructure already in place in the Baltic Pearl area. A new school and kindergarten will be located in the immediate vicinity.
Setl Group holding company is one of the largest financial and industrial corporations in northwestern Russia. It consolidates a number of firms and companies engaged in development, general contractor services, trading in construction materials, residential and commercial real estate brokerage and consultancy services.