Setl Group Expands Cooperation with VTB Bank
2014 august 25
The Setl Group holding company has opened a revolving line of credit with the Northwestern Regional Center of VTB Bank with a drawdown limit of 1.9 billion roubles till the end of December 2016. The borrowed funds will be used for funding a part of the costs of building the business-class residential estate The Residence in Maly Prospekt of Vasilyevsky Island in St. Petersburg.
The new residential estate will consist of two houses (8 and 9 storeys) with 442 apartments. There will be integrated commercial spaces on the ground floors, and a car-park for 300 cars in the underground part. A kindergarten, recreation areas, promenade paths, playgrounds for children and a security and video surveillance system are provided for in the estate’s area. The estimated total volume of investment in the project is 3.4 billion roubles. According to the construction schedule, commissioning of the site is expected in the 2nd quarter of 2016.
‘The Residence RE is the second high-class project implemented by Setl Group jointly with VTB Bank,’ Yan Izak, CEO of Setl Group comments. ‘Last year we successfully completed RE Cosmos in Gagarina street, where VTB Bank was our partner, too.’
Vice-president Ruslan Yeryomenko, deputy CEO of SZRC VTB notes: ‘We have started implementing another project with one of the leaders of St. Petersburg’s construction market, with whom we have established long-term efficient relations. The Setl Group holding company invariably shows a high performance and repays loans ahead of schedule. We are ready and willing to continue developing our cooperation by providing the full range of the required banking products to our long-standing partner.’
Besides the construction of The Residence residential estate, at the moment, companies of the Setl Group holding company, together with SZRC VTB, are continuing to implement a number of projects, including the construction of the More comfort-class residential estate and the renovation of the Mikhailovskaya Dacha palace and park ensemble.
Companies of Setl Group holding