Russian residential developer PIK Group said it has signed a RUB 23.4 bn (€500 mln) loan with St Petersburg-based VTB Capital.
Russian residential developer PIK Group said it has signed a RUB 23.4 bn (€500 mln) loan with St Petersburg-based VTB Capital.
The facility will be used to refinance a loan from Sberbank, which expires in September 2014, and a loan from Nomos-Bank, as well as to finance current working capital needs.
The loan will run for one year with an extension option of five years.
PIK, which is listed in Russia and London, focuses on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions.
