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VTB bank extends loan to AFI Development


2010-08-04

VTB bank has decided to extend a loan to the AFI Development for the construction of the Mall of Russia shopping centre in the Moscow International Business Centre. This will now be for two years – until August 2013. In addition, the bank will reduce the interest rate from 16% to 13.5%. The loan is for about $414m (€326m).
Mall of Russia is due to open in the autumn of 2010. The total area of the shopping centre will be 179,000 m2. It will include 450 stores in different formats, a cinema which will employ 4D and 5D technologies, an entertainment centre, a skating rink, 50 restaurants and cafes and a three-level underground parking facility for 2,700 cars.

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Construction Russia Online is the authoritative source of market intelligence for construction professionals. Reporting on news from the Russian construction market, including contractors & developers, building materials, real estate, planned investments and Ukraine construction market, this news service offers approx. 100 industry news items and features each month. Archives date from 2006, with articles covering both residential and non-residential developments, as well as civil projects.
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