Kazakh property developer Chagala Group has secured a EUR 36.56 mln first tranche of a credit facility with HSBC Bank and Raiffeisen Zentralbank Osterreich (RZB).
Kazakh property developer Chagala Group has secured a EUR 36.56 mln first tranche of a credit facility with HSBC Bank and Raiffeisen Zentralbank Osterreich (RZB).
The first tranche is repayable over seven years and can be drawn down in seven sub-tranches by the company to finance the ongoing development of seven of its new projects. The projects, all in Western Kazakhstan, include the development of a residential commercial park at Bautino Village, the building of 150 apartments and an office building at Chagala Plaza in Atyrau and a hotel and apartment initiative at Aktau.
The facility will also be used to extend and refurbish existing accommodation within some of Chagala's existing portfolio in Aksai and Uralsk, the company said.
