London-listed Russian residential developer PIK has announced that Russian bank Nomos-Bank has bought its $262 mln (EUR 174 mln) loan from Vneshekonombank (VEB). PIK and Nomos-Bank said they plan to finalise restructuring terms by 15 January.
London-listed Russian residential developer PIK has announced that Russian bank Nomos-Bank has bought its $262 mln (EUR 174 mln) loan from Vneshekonombank (VEB). PIK and Nomos-Bank said they plan to finalise restructuring terms by 15 January.
Irina Gordeeva, deputy president of Nomos-Bank commented: 'We are interested in a long-term partnership with PIK. This transaction enables us to enter into the residential market with our mortgage products and increase our credit portfolio through an exposure to a perspective developer with professional expertise in real estate.'
Pavel Poselenov, president of PIK, added: 'We have a positive outlook on our partnership with Nomos-Bank. Financing of PIK activities and joint marketing of mortgage programmes with Nomos-Bank will help us to execute our development projects in mass market housing more efficiently.'
