Mirland refinances Russian mall project

Russian developer Mirland has secured a $49 mln (€35 mln) loan from the Bank of Moscow to refinance its Vernissage Mall project in Yaroslav.

The seven-year loan will be used primarily to repay an outstanding loan in the amount of $22 mln from Gazprom Bank. As part of the loan agreement, Mirland committed to maintain the asset's loan-to-value ratio below 70% and its occupancy rate at over 90%.

The Vernissage Mall project is currently 50.5% owned by Mirland through a subsidiary. The Russian developer plans to take full control of the scheme in the near future through the purchase of the remaining interest.