CDS Group and Otkritie Bank Sign a RUB11.5 Billion Project Financing Agreement
Azhar Lotik, Finance Director of the CDS Group, said:
‘Otkritie Bank has been a strategic financial partner in the CDS’ ‘New Horizons’ large‐scale project. We have had strong mutually beneficial relations with the bank for more than one year. The second and larger loan allocated for the construction of a new site confirms that we have the right strategy and are taking the required actions to realise the successful development of the company’s projects. We are pleased to have a long‐term partnership with the bank, which is one of the leading banks in the country, demonstrating their confidence in CDS Group as a developer.’
Mikhail Ioffe, Senior Vice President, Head of the North‐Western Branch of Otkritie Bank, said:
‘This is our second credit agreement with CDS Group, following the an arrangement of up to RUB3.9 billion last year. Funds for the construction of the new project will be allocated gradually over the coming years, so our mutually beneficial cooperation has resulted in a long‐term financial partnership.’
Ekaterina Chirkova, Senior Vice President, Director of the Customer Relations Department of the Corporate and Investment Block of Otkritie Bank, said:
‘Extensive cooperation with the largest regional developers is among our strategic priorities. In our work customers appreciate a wide range of solutions, our customer approach and our quality and flexibility while executing financial transactions. We are confident that the ‘New Horizons’ residential complex will deliver a superior quality of living, while clear and certain financing from Otkritie Bank will allow the developer to implement all the concepts the project encompasses.’
‘New Horizons’, site 2 is a part of the comfort‐class ‘New Horizons’ project of CDS (site 7). On the second site, six buildings numbered from 3 to 8 with a height of 17 to 23 floors with an accommodation capacity of up to 3,738 apartments will be constructed. The second site stands out for its private spacious courtyard, closed to cars and outsiders. The houses will be ready for inhabitation in the Q1 2024. Such facilities as three day‐care centres with 775 places and an elementary and a secondary school for 1,383 students are situated nearby.