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VTB Bank Europe plc (VTBE) is pleased to announce the signing of a US$87,500,000 medium-term, property-backed finance facility in favour of Jomolin Investments Ltd, which is part of the Midland Group. The loan proceeds will be used in part to finance the acquisition of a complex of seven buildings situated at Yuzhnoportiviy Proezd, which will be refurbished into a 56,000 m2 Class B+ business centre.
Situated in the south-east of Moscow, an area presently undergoing redevelopment as a business district, the property offers excellent access to both public and private transport. The rationale behind this project is further supported by increased demand for space in the Class B office sector. In addition to extensive office space, the development will also include retail units specifically tailored to the services sector, thereby ensuring a comfortable working environment for future tenants.
VTBE will syndicate the majority of the facility in order to maintain sufficient capacity to underwrite further transactions that are currently being discussed with Midland Resources Holding Limited (“Midland”).
VTBE will act as the Facility Agent and Security Beneficiary for the transaction and OJSC VTB shall act as the Local Security Agent. The Moscow and London offices of White and Case LLC acted as legal counsel to VTBE.
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