SibStroyInvest, a joint venture between Turkish shopping mall developer Renaissance and private equity group Amstar Global Partners, has received a EUR 60 mln debt financing from the European Bank for Reconstruction and Development (EBRD) and UniCredit Bank Austria to fund the development, construction and operation of a Class-A retail and entertainment centre of almost 145,000 m[sup]2[/sup].

SibStroyInvest, a joint venture between Turkish shopping mall developer Renaissance and private equity group Amstar Global Partners, has received a EUR 60 mln debt financing from the European Bank for Reconstruction and Development (EBRD) and UniCredit Bank Austria to fund the development, construction and operation of a Class-A retail and entertainment centre of almost 145,000 m2.

The loan consists of a EUR 40 mln senior facility provided by the EBRD and Unicredit on a 50/50 basis as well as a further EUR 20 mln subordinate loan from the EBRD. The Aura shopping centre, located in the Russian city of Novosibirsk, will provide nearly 60,000 m2 of net leasable area across four levels, including a supermarket and a multiplex cinema. The complex will also include two underground parking facilities with 1,500 parking spaces. International law firm Salans advised the partnership on the transaction.

'This project will introduce best practice techniques relating to energy efficiency in construction and design to this part of Russia for the first time,' the company said.

'We are delighted to expand our banking relationships with the EBRD and UniCredit Bank Austria and look forward to completing construction of this landmark project,' said Jason Lucas, senior vice president of Amstar.

In June last year, Unicredit Bank Austria also agreed to provide a EUR 101 mln financing facility for Renaissance and Amstar's a shopping centre project in Adana, Turkey. Salans advised the companies in the talks with the banks. The Optimum outlet centre will offer 57,500 m2 of leasable area on completion in the first quarter of 2011.