AFI Development said on Monday it has signed a $280-mln (EUR 205 mln) loan agreement with Sberbank, the commercial savings bank of the Russian Federation, to fund part of the Tverskaya Zastava development project in Moscow.
AFI Development said on Monday it has signed a $280-mln (EUR 205 mln) loan agreement with Sberbank, the commercial savings bank of the Russian Federation, to fund part of the Tverskaya Zastava development project in Moscow.
'Our partnership with Sberbank is an evident demonstration of the quality and high attractiveness of our projects in terms of investing,' said Alexander Khaldey, general director of AFI Development
Tverskaya Zastava is a multi-phase project with six individual development sites, including an underground shopping mall, mixed-use business centres, office and residential buildings and a five-star hotel. The project also involves the construction of a major road interchange and a network of different-level pedestrian passes, aimed at substantially relieving the traffic congestion around the Belorussky Terminal.
Last May, AFI Development raised $1.4 bn in its Initial Public Offering on the London Stock Exchange. Its portfolio includes 24 schemes, comprising a total of 3.7 million m2, and the development pipeline of 15 projects.
