Russian listed real estate company Sistema-Hals said it has received financing of up to RUB 5.78 bn (EUR 137 mln) for the redevelopment of the landmark Central Detsky Mir shopping centre on Lubyanka square in Moscow.
Russian listed real estate company Sistema-Hals said it has received financing of up to RUB 5.78 bn (EUR 137 mln) for the redevelopment of the landmark Central Detsky Mir shopping centre on Lubyanka square in Moscow.
Under the terms of the deal VTB Bank will provide the financing for a period of around 8.5 years. VTB Bank is the main shareholder of Sistema-Hals after building up a 51.2% stake in 2009. AFK-Sistema owns a further 27.6% stake.
The Central Detsky Mir scheme was closed in April 2008 after Sistema-Hals signed an agreement with Detsky Mir for the redevelopment and extension of the centre from 57,500 m2 to 74,000 m2.
Listed on the main market of the London stock exchange, Sistema-Hals has so far completed about 40 projects with a total area over 450,000 m2, including the headquarters of the DaimlerChrysler company and the Hals Tower office building.
In late September, Sistema-Hals was granted a RUB 5.37 bn four-year loan from VTB Bank for the construction of an A-Class business centre on Leningradsky Avenue, Moscow. The 110,000 m2 business centre will consist of two 27-storey towers and 739 parking spaces planned for completion in 2012.
