Sber finances construction of business space meeting ESG development standards

Nov 17, 2021

Sber has provided COLDY Group with mezzanine and project financing totaling RUB 7 bn. The funds will be used for the construction of TALLER, an innovative class A business space, and include the refinancing of a loan previously provided by SberInvest.

TALLER is one of the first development projects in commercial real estate implemented using escrow accounts opened with Sber. This mechanism ensures prompt settlement between buyer and seller and also facilitates the financing of a business at a reduced interest rate.

James Corrigan, managing director, Investment Department, Sberbank:

“Sber actively supports and facilitates the development of the commercial real estate market. We follow changes and new trends in this sector closely and are ready to release new products that meet all business needs and make them available to a large number of companies.

A vivid example of our client-centric approach is the implementation of the TALLER pilot transaction in 2020 at the pre-project financing stage before the obtainment of a building permit, which served as the reason for the launch of our new Project Bridge product in commercial real estate.

Additionally, we highly appreciate projects that support the ESG agenda. Eco-friendly materials, an emphasis on generating solar energy, and the comfort and safety of the people who will work in this complex are important factors that guided us when we were deciding on the allocation of funds to finance this project.”

Dmitry Kryuchkov, chairman, COLDY:

“Development must comply with the social, environmental, and governance standards of development that define the image of the entire industry today. The TALLER business space, based on principles of sustainable development, will set a new level for ESG projects and demonstrate advanced technical solutions complemented by an AI system. The project is being implemented using two significant market products for the commercial real estate segment: long-term mortgages and joint participation agreements using escrow accounts with Sber.”

The total area of the TALLER business space will exceed 46,000 m2, while the facility will be certified in accordance with BREEAM and LEED modern environmental standards. The system features large-scale solar panels on the roof and Pavegen floor tiles that convert steps into electricity. TALLER's concept builds a business space that combines technology into a synergistic system that creates a new level of comfort, safety, and eco-friendliness.

The project provides for both small lots, entire floors, and whole buildings. TALLER has its own infrastructure: restaurants, coffee shops, stores, recreation areas, and a covered parking lot, setting it apart from previously built buildings. The complex will be built in one of the most popular office clusters in the capital, the Paveletsky business district.

SberInvest (Sberbank Investments LLC) is a wholly owned subsidiary of PJSC Sberbank and is part of its Corporate Investment Business. Its core operations include financial solutions and structuring through equity and mezzanine instruments, which it offers to the bank’s customers.