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Setl Group Opens a Line of Credit with BFA Bank to Fund the 1st stage of GreenLandiya Residential Estate

2013 may 23

Setl City (a company of Setl Group) has opened a line of credit with BFA Bank with the total limit of 1.3 billion roubles in the framework of the project funding for the construction of residential houses No. 2 and No. 5 of the 1st stage of GreenLandiya residential estate. The line of credit is provided for the period till December 1, 2015. The total estimated amount of investment in the construction of houses No. 2 and No. 5 is 2.5 billion roubles. About 50% of that amount will be borrowed funds. It is expected that the two houses about 72,500 sq. m in total area and about 42,500 sq. m in net saleable area will be commissioned in the 1st quarter of 2015.  The funding of the GreenLandiya residential estate is the third joint project of Setl Group and BFA Bank for a year of cooperation, which puts BFA Bank among Setl Group’s major creditors. Besides, BFA Bank is funding the construction of the RIO residential estate (Dalnevostochny Prospekt, St. Petersburg) and the 4th stage of the Vienna estate (Kudrovo, Leningrad Region). It is to be recalled that the GreenLandiya residential estate is being built by Setl City (a company of Setl Group) in Vsevolozhsk District of Leningrad Region, not far from the Devyatkino metro station and the interchange of the Ring Motorway with Toksovo Highway. All in all, by the year 2020, about 400,000 sq. m of comfort-class housing will be built there. Besides, the construction of 5 kindergartens and 1 school is expected in the estate.

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Companies of Setl Group holding