SberCIB opens RUB 6.6 bn line of credit to MR Group for construction of Seliger City residential complex
SberCIB and MR Group have concluded a credit agreement to finance the third stage of the Seliger City residential complex. The bank has extended a credit line of up to RUB 6.6 bn for a period of 48 months. Construction of the third stage of Seliger City began in December 2020. The complex is set to be commissioned in Q2 2023.
Our collaboration with MR Group has stood the test of time. Together we have implemented several successful projects for the financing of which Sber allocated a total of over RUB 40 bn. We have been participating in the Seliger City project for over two years now. We provided a total of over RUB 10.7 bn for the first two stages and have opened a credit line of RUB 6.6 bn for the third stage. We are happy to keep collaborating with our long-time partner and hope to see many new joint projects implemented in the future.
Vice President, Director of Key Client Lending, Sberbank
The third stage of construction of the Seliger City residential complex includes two buildings. One will be a 36-story building named after Vasily Kandinsky and the other will be a 44-story building named after Vincent van Gogh. There will be 651 apartments, 15 commercial spaces, and 303 parking spaces in an underground parking lot. The total real estate area will be 56,000 m2, including 12,200 m2 of underground parking.
Sales for the Seliger City neighborhood have been ongoing for several years now and are winning the attention and affection of a growing number of families. This year, as of the end of Q1, the project entered the top ten most popular new constructions. Seliger City stands out among other new constructions both due to the volume of construction and the scale of the concept. We are offering formats that help people take a step back from the commotion of the city – a courtyard park and urban villas.
Chief Investment Officer, MR Group
The neighborhood project was designed by Dutch architect firm MLA+. Two low-rise buildings and one skyscraper were built in the first stage. One high-rise corpus and two smaller corpuses were built in the second stage.
Expanded local infrastructure will be created for the neighborhood residents. The corpuses will house a lounge, outlets, and service points. There will be a courtyard with a lake and a beach area, a skate park, as well as a hockey field and a playground. The Seliger City territory is one of the largest Moscow projects and is the size of three football fields. Its beautification concept was designed by popular urban space authors from the Wowhaus bureau (Gorky Park, Strelka, Sokolniki Park).SberCIB is a dedicated business segment within the bank’s corporate investment unit, which works with the biggest customers. This line of business provides a wide range of financial solutions, from traditional lending to mezzanine and equity financing, as well as hedging of FX, interest, and commodity risks, operations in financial markets with access to international platforms, investment analytics, and transaction support.