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Nevskiye Parusa (Neva Sails) Gets Project Funding from the VTB Bank

2015 november 16

VTB Bank and Setl City (a company of Setl Group) have signed a credit agreement for the funding of the construction of the Nevskiye Parusa (Neva Sails) residential estate which is under construction in Nevsky District of St. Petersburg. A line of credit with a drawdown limit of 5 billion rubles has been granted for a period of five years.

The borrowed funds will be used for the construction of all four stages of the residential estate and a kindergarten for 220 kids. The project provides for the construction of about 140,000 sq. m of apartments and commercial spaces in the framework of territory redevelopment on an area of about 10 ha.

VTB Bank’s Management Board Member Denis Bortnikov notes: “Setl Group is our old client that has a reputation of a reliable business partner showing high performance and business efficiency. I am confident that that the new residential estate being built by the company on the picturesque banks of Neva river and nicely blending in with the city’s landscape will be appreciated by the population of the megalopolis.”

“VTB Bank is one of our key partners in the funding of construction projects”, Yan Izak, CEO of Setl Group, comments. “Jointly with VTB, we have already completed 7 projects for residential and commercial construction, and another project, besides Nevskiye Parusa, is being implemented.”

At the moment, Petersburg Real Estate, the exclusive broker of the project, is selling apartments in the first three buildings of house No. 2 (2.1, 2.2 and 2.3), the commissioning of which is expected in the 1st quarter of 2017.  

All apartments in Nevskiye Parusa that are offered for sale at the moment will be handed over to buyers in the condition prepared for finishing: the apartments will have electrical network wiring with installed sockets and switches, evened floor and walls, plastered walls and ceiling and an installed metal entrance door.  A project for comprehensive improvement of the area along the embankment of Neva, on which windows of many apartments open, provides for arranging a promenade zone with pedestrian paths, benches and original outdoor lighting.

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Companies of Setl Group holding