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Setl Group Opens Funding of the 6th Stage of Vienna Estate with BFA Bank

2013 november 13

Setl City (a company of Setl Group) has opened a line of credit with the BFA Bank in the framework of the project funding of the 6th stage of Vienna estate (house No. 11). The lending for the construction period will amount to 1 billion roubles, with about 2 billion roubles of total investment. The line of credit is provided for the period till June 30, 2016. The 6th stage is to be commissioned in the 1st quarter of 2015. House No. 11 is the final stage of construction of the Vienna residential estate being built in the framework of the Seven Capitals residential project in Kudrovo. The project provides for the construction of 690 apartments, an integrated kindergarten for 110 children, and commercial spaces. The construction and sales of the 6th stage started in summer this year. About 46% of the apartments have been already sold. All in all, almost 80% of the apartments have been sold in the Vienna estate on the whole. It should be noted that the BFA Bank is also funding the construction of 5 houses of the 4th stage of the Vienna estate, the 1st stage of GreenLandiya residential estate, and the RIO residential estate. Seven Capitals is a big project for integrated development of a territory at the border between St. Petersburg and Leningrad Region. The residential area is being built not far from the intersection of the Murmansk Highway and the Ring Motor Road, near the Mega-Dybenko shopping mall. The project consists of two estates, Vienna and London. The total development area will be about 670,000 sq. m. Besides housing, 7 kindergartens and 2 schools will be built there.

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Companies of Setl Group holding