Setl Group Receives a 1 Billion Roubles Line of Credit from IBSP Bank
2017 march 06
Setl Group has received from the International Bank of St. Petersburg (IBSP) a revolving line of credit for a total amount of 1 billion roubles for a period of 3 years. The borrowed funds will be used to finance the construction of the comfort-class residential area Solnechny Gorod (Sun City) in Krasnoselsky District of St. Petersburg.
At the moment, 4 houses about 230,000 sq. m in total living area, 2 kindergartens for 220 kids each and a school for 1375 pupils are being built in the Sun City.
All in all, the project provides for the construction of about 1.4 million sq. m of housing, 11 kindergartens, 4 comprehensive schools, 2 outpatient clinics for adults and 2 outpatient clinics for children, 1 sports center and many shopping and service facilities. Besides the underground parking lots to be built under the residential buildings, 18 detached multi-storey car-parks will be built. The first two residential houses with underground parking lots were commissioned last year.
Yan Izak, CEO of Setl Group: "The International Bank of St. Petersburg has been a reliable partner of the holding company since 2011. For the years of our cooperation, the Bank has provided various kinds of credit resources on the terms corresponding to Setl Group’s respective needs."
Sergey Bazhanov, Chairman of the IBSP’s Board: "For six years, the Setl Group holding company has been our reliable business partner in the construction industry. The bank is systematically building up its loan portfolio, granting loans to prime borrowers who are the leaders in their respective industries."
Companies of Setl Group holding