Sberbank CIB Has Become Partner of Knightsbridge Private Park
24 April 2013
Sberbank CIB Has Become Partner of Knightsbridge Private Park
Development company Restavracia N attracted Sberbank CIB as a financial partner in order to implement its project to construct deluxe class residential complex Knightsbridge Private Park. According to the arrangement reached between the companies, a line of credit of over 7.5 billion rubles (financing provided by Sberbank of Russia) will be extended to Restavracia N. The total amount of investment in the construction the residential complex exceeds 14 billion rubles. The funds for construction of the project will be provided as part of a five-year credit facility. Completing the construction of Knightsbridge Private Park is planned for early 2015.
Knightsbridge Private Park will be built on a three hectare land plot in the Khamovniki District. The complex will include four low-rise mansions and accompanying premium class infrastructure such as a private kindergarten, wellness centre with a swimming pool, a store, and a club caf?. Two-thirds of the complex will be covered by a private landscaped park that accommodates children’s playgrounds and recreation areas for residents and their guests.
Enver Kuzmin, CEO of Restavracia N, commented: “We have made an important strategic step by bringing to the project such an authoritative and reliable partner as Sberbank CIB. This is the first deal for financing the construction of the elite complex Knightsbridge Private Park. A line of credit issued by a bank is a significant factor for potential buyers of our real estate because it guarantees them peace of mind. Our partnership with Sberbank CIB is of a long-term nature and will involve not only our landmark project, but also other activities.”
Dmitry Kanushkin, Senior Banker at Sberbank CIB, said: “We are glad that Restavracia N is now one of our clients. The company has a twenty-year track record, during which it has brought to fruition a number of first-rate projects. We view the financing of the Knightsbridge Private Park residential complex as a successful deal and the latest in the line of Sberbank CIB’s exciting real estate market projects.”