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Otkritie will finance Euroinvest Development for 8 billion rubles
Otkritie Bank will finance the Evroinvest Development company for eight billion rubles. The bank entered into a project financing deal using escrow accounts.
According to the press service of Otkritie Bank, the construction company will use the loan to build a business-class residential complex ID Park Pobedy in St. Petersburg. It consists of six apartment buildings with a built-in underground car park, a kindergarten and a school. The commissioning date for the first stage of the residential complex is scheduled for 2023.
According to Mikhail Ioffe, Senior Vice President and Manager of the North-West Branch of Otkritie Bank, the deal with the Euroinvest Development Group of Companies is another landmark achievement of Otkritie Bank in the highly competitive project finance market of St. Petersburg. In 2021, the bank plans to multiply the volume of transactions using escrow accounts.
According to the General Director of Euroinvest Development Stanislav Danelyan, the main thing for buyers of apartments is the reliability of the developer company. He added that the company is pleased to cooperate with Otkritie Bank, which is developing steadily and consistently increasing its expertise in the field of financing construction projects.