VTB Bank has provided financing to Renaissance Development company belonging to the construction holding of Renaissance in the amount of 10,2 bln rubles for the term of seven years for construction of the Neva Towers multi-functional complex on the territory of “Moscow-City” MIBC and for advancement in the new real estate development projects.
Yuri Soloviev, First Deputy President and Chairman of the VTB Bank Management Board, has pointed out: “We cooperate with Renaissance Group for a very long time, but this deal became the first within the framework of corporate financing. As of today, the Neva Towers is one of the most successful and landmark projects in the real estate market. We are glad to act as a partner for Renaissance Group of Companies in development of real estate development projects and we are sure in our further successful cooperation with the Group in the real estate sector”.
Avni Akvardar, Chairman of Board of Directors of Renaissance Development and Renaissance Construction, has said: “Renaissance and VTB have a longstanding history of effective cooperation. We highly appreciate the vast experience and professionalism of VTB team. Reliable cooperation with one of the leading Russian banks helps us in realization of such high-scale projects as Neva Towers and it serves as a key factor for successful development of our business and investment portfolio of our Holding in Russia. Our flagship project is approaching the stage of completion with the construction readiness of Neva Towers reaching now 70% what makes us give consideration to some new sites for a new project”.