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Setl City Repays VTB Bank’s Loan Ahead of Schedule

2015 september 08

Setl City (a company of Setl Group) has repaid ahead of schedule VTB Bank’s loan for the project funding of the first house within the 3rd stage of the MORE residential estate, which is being built by the company in Krasnoselsky District of St. Petersburg. 

A 1.7 billion roubles line of credit was granted in November 2013 and repaid in August 2015, while its term under the agreement expires in December 2015. The total amount of investment in the project is about 2.3 billion roubles.

The house, about 38,000 sq. m in total area, commissioned in May 2015 has 607 apartments after complete finishing, from studios to four-room apartments, more than 90% of which have already been sold. On the ground floor there are commercial spaces about 800 sq. m in total area.

Measurements have been carried out by the Design and Inventory Bureau, and the handing over of the apartments to the construction co-funders will start soon.

All in all, 5 houses about 200,000 sq. m in total area and parking lots for more than 1000 cars will be built in the 3rd stage of the MORE project.

A completely new social, shopping and service infrastructure of the Baltic Pearl estate is at the service of the tenants of the new residential estate. A new kindergarten and a new school that have already been commissioned are situated right between the 3rd and the 2nd stages of MORE RE.

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Companies of Setl Group holding