Hypo Real Estate Bank International announces that it has provided a construction and investment loan package worth $150 mln. to Multinational Logistics Partnership Group (MLP). This transaction is the first construction loan provided by an international bank in the history of Russian commercial real estate. The transaction closed on 20th January 2006.
The package comprises construction financing for the development of
Leningradsky Terminal, a logistic park in Moscow built to international standards with approximately 200,000 m² of warehouse and office space, aimed at, and partly pre-let to, first-tier international and national tenants.
MLP is the most significant development and management company of class A warehouse space in Russia and the Ukraine with plans to construct 1.35 million m² over the next three years. MLP has been conceived and is managed by Michel Pascalis and Bruce Gardner together with a professional team which has been active in real estate management and development for many years, with a proven expertise and track record in the Russian market.
Commenting, Harin Thaker, CEO - Europe, Hypo Real Estate Bank
International, said: I am delighted that MLP has chosen Hypo Real Estate Bank International for this transaction. We believe that the Russian real estate market has great potential and it is great for us to work with such a major player in the industry.
Commenting Bruce Gardner, Partner, MLP Group, said: We see Hypo
Real Estate Bank International as a financial institution whose experience and vision complements the strengths of the MLP team and we are extremely pleased to be working with Hypo Real Estate Bank International on our initial Leningradsky Terminal project."
Source: Hypo Real Estate Group