Moscow, February 11 2013- PIK Group, a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions, today announces that it has signed an agreement with Sberbank of Russia (and its corporate and investment bank Sberbank CIB).
Under the agreement, Sberbank will provide a non-revolving credit line of 4,04 billion rubles with final maturity at 1Q17. The funds provided by Sberbank will be drawn down by PIK to finance the first phase of construction of the residential complex Buninsky, which is located in New Moscow, on 128 hectares of land near to the Kommunarka and South Butovo residential areas. The site is 4 km South-West from the MKAD (the Moscow Ring Road) along the Kaluzhskoye highway.
As well as residential buildings the project plan includes the construction of infrastructure: schools, kindergartens, parking, commercial premises on the ground floors of the residential buildings and retail outlets. The total residential scheme is 1 million square meters. Construction of Buninsky is planned in several phases. The first phase includes the construction of 580,000 square meters of residential space. PIK Group plans to complete the first four buildings with a total area of about 60,000 square meters in 2013.
Sberbank is the most important financial partner for PIK Group, acting both as a key creditor and one of the largest partner banks on mortgage programs.