22 January 2014
VTB Bank has provided a non-revolving credit line of 1.2 billion roubles until September 2020 to Pskov Alliance, a LUG Group company.
Part of the funds will be used to finance the construction of Pskov’s first sport and recreation centre, with a water park with a capacity of 800 people per day, a shopping arcade and street and underground parking for 824 vehicles. The centre, which has a planned footprint of 65,538 square metres, is to be completed in the third quarter of 2015.
VTB has provided cash management, loan and deposit services to LUG group since 2011.
The LUG group of companies is a leading developer of residential and commercial property in Pskov and the Pskov Region. The list of its implemented projects includes the PIK 60 and Maximus shopping centres. It is currently building a large neighbourhood and the region's first water park and recreation centre, Aquapolis.
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