Deutsche Bank and RIGroup have entered into the financing agreement under which Deutsche Bank will be providing loan financing for construction of Myakininskaya Poima Class A office complex in the Moscow region being developed by RIGroup. The overall loan amount is €118.8m ($140m). The first tranche of €7.3m was already extended.
Myakininskaya Poima is an institutional quality modern Class A office complex that will consist of high-quality office space with underground parking and ancillary area of retail shops, cafe, bank and conference centre components. Gross leasable area of the completed complex will be 92,000 m². The general contractor for the project is Strabag AG.
This is one of the development financing projects that are being realized in cooperation with DB Development, the newly created JV between Deutsche Bank and Strabag.
Dmitry Kotlyarenko, General Director, RIGroup commented: "We are very pleased to be working with Deutsche Bank on this wonderful project, part of our strategy to develop leading office, retail and residential properties. The Class A towers at Myakiniskaya Poima will add value to the tenants, to the area in general and to all of our partners involved in this highly technological and innovative project. This building has a great location, offers all the amenities of a modern office complex and will serve as the hub of the Moscow regional business community for years to come.”
Yuri Soloviev, First Deputy Chairman, Deutsche Bank Ltd. in Moscow and Head of Investment Division of Deutsche Bank in Russia and CIS, said: “Financing provided to RIGroup is yet one more landmark project in Russian real estate and construction market. It is fully in line with our strategy and will further contribute to the successful realization of the Bank’s strategy in this sector”.
Victor Makshantsev, Head of Russia & CIS Real Estate and Infrastructure Projects at Deutsche Bank, added: “We are delighted to be a financial partner of RIGroup in that landmark institutional quality development scheme. This ambitious project in the Moscow Region is further strengthening Deutsche Bank leadership position as a major western investment bank active in the Russian real estate development market. With an overall portfolio of the projects realized to date exceeding €2.12bn ($2.5bn) and the current pipeline exceeding €2.55bn ($3bn) we are excited about the future of the industry and are proud to be a major player in the market.”