30th Oct 2013 09:14
LONDON (Alliance News) - MirLand Development Corporation PLC Wednesday said its Petra 8 LLC subsidiary has taken a credit line of up to USD86 million from Sberbank to finance the third stage of building the Triumph Park development in St Petersburg.
In a statement, the company said the loan will provide about 70% of the expected third-phase construction costs, with the rest funded by sale proceeds. Petra will get the loan in three tranches over the next three years, and it matures in four years.
Sberbank has previously lent Petra about USD2 million in two separate facilities.
Mirland, a residential and commercial property developer in Russia, said it has begun marketing the third phase of Triumph Park, and has pre-sold 135 of the 1,346 apartments in the phase.
It said it has sold all 510 apartments built in the first devlopment phase and has pre-sold 75% of the 630 units being built in the second phase, due to be completed by the fourth quarter of 2014.
"The launch of phase three has seen continuing strong sales demand, which we expect to be maintained as the project matures and this new community is further established," Mirland Chairman Nigel Wright said in a statement.
Mirland shares last traded at 189.5 pence in London.
By Steve McGrath; [email protected]; @SteveMcGrath1
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