Open Investments, Russian real estate group, announces that it has received a $150 million loan, at the rate of 9.125% from ING Bank N.V. (London Branch) in the frame of CLN program.
The loan is raised to support the financing of the development strategy of the Group, for its operations in the commercial and residential sectors. In particular it is planned to finance construction of the country house communities in Pestovo and Pavlovo-2 (Moscow region), residential construction in Sochi, development of Class A office buildings, as well as the Raikin retail and entertainment center. This program is also aimed at further expansion of the Open Investments land bank to support continued growth of its property portfolio.
ING Bank N.V. (London Branch)and Renaissance Capital acted as lead managers for the transaction.
The loan has been granted for two years at the rate of 9,125% as part of the CLN program. A wide range of Russian and international investors including investors from the Asia-Pacific region, Western and Central Europe, participated in the CLN program.
Kieran Donnelly, Managing Director, Fixed Income and Structured products of the Renaissance Capital said:
“The positive response from such a geographically dispersed client base clearly shows that Open Investments is a local company operating to international standards in terms of activity, transparency and credit quality”.
Commenting on today’s announcement, Sergei Ba?hin, CEO of Open Investments, said:
“We are very satisfied with the results of this debt raising transaction and its terms. We believe that steady growth of our business and transparency of Open investments, as a public company, contributed to the success of the deal”.