MDM Bank finances OJSC Moscow Cotton-Printing Factory
13 Jul '06
2 min read
OJSC Moscow Cotton-Printing Factory and OJSC MDM Bank have signed an agreement on a USD81 mn credit to the factory.
The money will be used to build Novospassky Dvor — a modern, international-standard business park — on the territory of the factory.
The project will take 1& No. 189; years to complete, and construction is to be carried out by CJSC Promsvyaznedvizhimost — the leading developer in commercial and suburban real estate, which holds managerial control over OJSC Moscow Cotton-Printing Factory.
Novospassky Dvor will encompass 100,000 square meters of industrial premises that will provide future tenants with all the facilities needed to successfully develop their businesses.
According to Vladimir Aristarkhov, the General Director of CJSC Promsvyaznedvizhimost, the Novospassky Dvor project is remarkable primarily for its scale, but also for the fact that it offers something unique on the Moscow commercial real estate market.
Thanks to the use of the latest renovation methods, Novospassky Dvor will be transformed into an excellent example of a modern Class B+ business center.
Commenting on the deal, MDM Bank CEO Michel Perhirin expressed confidence in the prospects and success of this collaboration. “This is a fine example of MDM Bank's proactive approach to important investment initiatives. We are very pleased to participate in a project aimed at enhancing the business infrastructure of the city”, — he said.
MDM Financial Group is one of the leading independent providers of banking services in Russia.
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