Crocus wins backing from Sberbank CIB for 1 million m2 of projects

Developer Crocus Group has secured the financial support of Sberbank CIB to develop over one million m2 of commercial and residential real estate in Moscow and the Moscow region.

Projects covered by the deal include retail and entertainment centre Vegas-2,3, the Holiday Inn and Marriott hotels as well as a residential complex at Crocus City, Moscow’s largest sea aquarium.

Total investment in these projects amounts to over €1.7 bn.

'The level of mutual trust between Crocus Group and Sberbank is so high that we are starting construction prior to signing a contract for financing, but with full confidence in Sberbank’s loyalty to our endeavours,' commented Aras Agalarov, president of Crocus Group.

'Fifteen years of fruitful and mutually beneficial cooperation have helped us achieve this level of confidence. Many years of productive activity led to the signing of this agreement on strategic cooperation, which will determine Crocus Group’s development for many years to come,' he added.

Crocus Group is a major developer in Russia with over 7,500 employees. It has completed over 4 million m2 of development projects in the country including the multifunctional satellite city of Moscow Crocus City.