VneshTorgBank is to become the sole shareholder of Don-Stroy Invest, now the owner of theresidential projects which formerly belonged to the Don-Stroy holding. The bank is to receive a 50% minus one share stake in Don-Stroy Invest as repayment of the Holding’s debt. It obtained a 50% plus one share stake in August 2009; at that moment the developer owed the bank €420m. In addition to the stake the bank will also obtain the 100,000 m2 Schuka shopping and recreation centre in Moscow. Two more of the holding’s assets – the 147,000 m2 Nordstar Tower business centre and the 152,000 m2 Oruzheyniy business centre, which is still being built, (both in Moscow) will go to Sberbank to repay €550m. As a result, the Holding will retain only a few construction sites, in Moscow and Sochi.
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