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Setl Group and VTB Bank Complete another Joint Project

2016 august 11

The VTB Bank and the Setl Group holding company have successfully completed the joint funding of the project The Residence at 64, Maly Prospekt of Vasilyevsky Island. The residential estate was commissioned late in July 2016, and the line of credit with the drawdown limit of 1.9 billion roubles provided by the Bank in August 2014 till the end of December 2016 has been fully repaid by the company ahead of schedule thanks to the high sales rates that were observed throughout the site construction period.

Vice-President of the VTB Bank, Deputy Head of the Northwestern Regional Center Ruslan Yeryomenko, notes: "VTB Bank has been participating for many years in the funding of projects implemented by the Setl Group holding company that has shown itself as a reliable business partner and responsible developer. This has been proved once again by the successful commissioning of the new residential estate and the early repayment of the loan debt. We are confident that the other sites being built by the company will be a success, too, in the framework of our collaboration."
The business-class residential estate The Residence, about 54,000 sq. m in total area, consists of two residential buildings, 8 and 9 storeys in height. There are 435 apartments, a car-park for 300 cars, a kindergarten for 45 kids, and integrated auxiliary spaces.

"We have already implemented 8 projects in collaboration with VTB Bank, including housing construction sites and a business center. The aggregate habitable and commercial area of these sites together with the completed residential estate The Residence is about 300,000 sq. m," Yan Izak, CEO of Setl Group comments. "VTB Bank remains our reliable partner and continues funding the projects of two sites under construction in Nevsky and Kalininsky districts."

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Companies of Setl Group holding