In order to expand cooperation with construction companies VTB Bank opened a RUB 600 mln credit line to Zhilischny Capital Group for a 3-year period.
The first disbursement was already used by the Group to implement the second stage of the Gusarskaya Ballada complex construction in the Odintsovsky District, Moscow Region.
In total, by 2014 the Group plans to complete a four-staged construction of 27 apartment houses of over 550,000 square meters and further develop social infrastructure in this district.
Pavel Kosov, Senior Vice President, Head of Construction Projects Department said: “VTB Bank financing of such a large-scale project is a good sign for housing market in Moscow and Moscow Region to start recovering. We believe in successful implementation of this project. It’s a stimulus for the whole property market. Correction period has ended; it’s time to launch new projects.”
According to Vadim Zhuk, Zhilischny Capital Group General Director: “The agreement opens a window of opportunity for further successful cooperation with VTB Bank, especially, under the program of economy class housing construction. In the near future, we will consider a joint mortgage program to be offered to prospective buyers of the apartments in the Gusarskaya Ballada complex.”
JSC VTB Bank and its subsidiaries (VTB Group) is a leading Russian financial group offering a wide range of banking services in Russia, the CIS, and a number of countries in Western Europe, Asia and Africa.
Gusarskaya Ballada residential complex is an innovation complex project with developed infrastructure in economy class housing rewarded with GreenAwards international silver certificate of environmental and energy efficiency standard.Zhilischny Capital has been constructing the urban district, which occupies over 60 hectares, since 2008 in compliance with Federal Law No.214-FZ and under the Affordable Housing federal program. Under the project, an 8-staged Gusarskaya Ballada housing complex of about 1 mln. square meters is to be built in five years.