VTB Bank says issued 45.6 bln rbl loan to Samolet

MOSCOW, Oct 25 (PRIME) -- Russia’s second largest bank VTB has issued a 45.6 billion ruble loan to real estate developer Samolet Group to acquire MIC Group of Companies, the country’s largest residential development credit, the bank said in a statement on Wednesday.

On October 16, Samolet said that it had acquired MIC, including its land plots, 11 projects under design or construction, management companies, and other material and intangible assets in a 44 billion ruble deal. It drove the company’s current construction volume to 4.2 million square meters.

“In the framework of acquisition of MIC group, VTB Bank issued a 45.6 billion ruble loan to Samolet. The deal has not only become the largest in the entire history of the Russian housing construction sector, it was also unprecedented from the point of view of structural solutions,” the bank said.

“The special features of the deal are that individuals acted as the sellers of assets, and calculations for the transaction contain both fixed and variable components, which will be determined depending on fulfillment of several future conditions,” the bank said quoting Vitaly Sergeichuk, head of the corporate and investment business department.

“The solutions contain mechanisms to minimize the interest burden, including a limited impact of the growth of the key rate on the total cost of financing.”

(93.5224 rubles – U.S. $1)

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