VTB Bank and Setl City (a subsidiary of Setl Group) have signed a credit line agreement for up to RUB 4bn over a four-year term. The loan will be used for the construction of the Polyustrovo Park residential project in the Kalininsky District of St. Petersburg and will fund residential buildings and a school for 825 students.
Denis Bortnikov, Member of the VTB Bank Management Board, said: “St. Petersburg has a strong construction market and its leading residential construction companies are in a stable position. VTB has been actively operating in this sector, and we are pleased to support our long-time partner Setl Group, which has already completed a number of high quality construction projects.”
Total investment in the project is estimated at RUB 7.4 billion. The project’s exclusive real estate broker — Peterburgskaya Nedvizhimost (Petersburg Real Estate) — launched sales in December 2015. The deadline for Polyustrovo Park to become operational is Q4 of 2018.
“In the current economic environment, VTB Bank continues to facilitate major construction projects managed by reliable developers,” Setl Group CEO Yan Izak said. “VTB Bank has financed a number of our residential construction projects, including Nevskiye Parusa and The Residence.”
Polystrovo Park is located at Kondratyevsky Prospekt, near the intersection with Bestuzhevskaya Street, on a site of around 70,000 sq m. The project includes the construction of apartments with a total floor space of more than 120,000 sq m, a