VneshTorgBankhas loaned Sistema Hals €61m for the construction of the Solntse residential block in Moscow. The block will take up 58,000 m2 and is due to be completed in 2013.
The bank owns 51.24% of the developer directly and another 8.15% through affiliated parties. In addition to Sistema it owns several other development assets, including a 50% plus one share in the Don-Stroy holding. The bank plans to set up a special entity to manage its property assets.
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