CDS Group and Otkritie Bank signed RUB 3.9 billion agreement on project financing
Mikhail Medvedev, General Director of CDS Group, said:
‘New Horizons by CDS will become the second project of our company executed with project financing. Having new reliable partners onboard such as Otkritie Bank will increase the competition among banks that operate in the field of project financing and will allow developers to reduce their costs’.
Yekaterina Chirkova, Vice‐President and Director of the Customer Relations Department of the Corporate Investment Unit at Otkritie Bank, noted:
‘The agreement with CDS Group, one of the largest developers in our country, was the next step for our bank’s development in the highly competitive project financing market and we plan to continue advancing in this direction by offering favorable conditions and an individual financial service to developers’.
Mikhail Ioffe, Senior Vice President and Manager of the North‐Western branch of Otkritie Bank, said:
‘The demand for economy‐class apartments with turnkey design continues to grow steadily in St. Petersburg and the Leningrad Region. That is why the new CDS Group project interested us. Due to the highly professional work of CDS Group’s senior managers at all stages of preparation for the new residential estate development as well as during the loan transaction itself, we were able to quickly come to an agreement on mutually beneficial cooperation. I am sure that our cooperation will keep expanding in the future’.
CDS Group’s New Horizons residential quarter will be developed in a developing area at the boundary of Bugry and Murino towns. The favorable location will allow residents to use the developed infrastructure of the northern districts of St. Petersburg and the Vsevolozhsky district of the Leningrad region. The overall construction footprint will exceed 90 thousand square meters. A special feature of the project is a balanced apartment layout with a small number of studios (14%). The development is expected to be completed in Q4 2025.