Sberbank CIB1, the corporate and investment banking business of Sberbank, has opened a 10 billion rouble credit line for PSN Group for 3.5 years. The loan will be used to finance the construction of the ‘Domashny’ micro-district in Moscow’s Marino neighbourhood.
Domashny is the first large-scale residential construction project to be carried out in Marino for the last 20 years. Total construction area amounts to around 27 hectares. The first phase of the project will be launched in early 2018.
“We are very impressed by the project to create the Domashny micro-district, which includes the highest standards of construction, a uniform visual concept, and well-thought-out infrastructure,” commented Natalia Shemanovskaya, Managing Director, Head of the Real Estate Division of Sberbank CIB’s Largest Clients Coverage Department. “The implementation of this project will take our cooperation with PSN Group to the next level.”
“The provision of financing from such a major player as Sberbank is a testament to the stability and reliability of our projects. We have successfully worked with Sberbank in the past. We hope that this is only the beginning of our partnership,” said Maxim Gasiev, President of PSN Group.
Previously Sberbank provided financing for PSN Group’s projects ‘Polyanka/44’ and ‘I’M on the Garden Ring’.
PSN Group currently has seven projects in its portfolio with a development potential of three million square metres. The first buildings will be commissioned in late 2017/early 2018. In H1 2017 PSN Group was included in the top three companies in terms of sales of comfort class flats.
Sberbank CIB is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.