Polyustrovo Park Project Funded By VTB Bank
2016 april 11
Setl City (a Setl Group company) and VTB Bank have signed an agreement on granting a credit line with a disbursement limit of 4 billion rubles for the financing of the Polyustrovo Park residential complex being erected in Kalininsky District of St. Petersburg. The funds lent for four years will be used for the construction of both the residential part of the estate and a school for 825 students.
The total investment in the project is estimated at 7.4 billion rubles. Petersburg Realty, the exclusive broker of the project, has opened sales in December 2015. The commissioning of the Polyustrovo Park residential complex is scheduled for Quarter 4 of 2018.
“In the current economic situation, VTB continues dealing with large projects of reliable developers,” comments Yan Izak, CEO of Setl Group. “Previously the bank has also decided in favor of financing our other residential complexes, among which are the Neva Sails and The Residence residential estates.”
Denis Bortnikov, member of the VTB management board, commented, “St. Petersburg’s construction sector has strong positions, and the market leaders operating in residential housing remain stable. We actively work in this segment, and are ready to support our long-time partner Setl Group, which has implemented lots of various high-quality projects over the years in the business.”
It should be reminded that the new Polyustrovo Park block will be located in Kondratievsky Prospekt, not far from the corner of Bestuzhevskaya Street, in a plot of about 70,000 sq. m. The project provides for erecting a residential house for a total area of over 120,000 sq. m, a general education school for about 20,000 sq. m, and integrated/attached parking lots to accommodate over 1,000 cars in the future.
Companies of Setl Group holding