Sber to finance construction of Time Square residential complex in St. Petersburg by providing RUB 8.5 bn
Sberbank will provide RSTI (Rosstroyinvest Group) with RUB 8.55 bn in financing to build Time Square, a residential complex in St. Petersburg’s Primorsky District.
Scheduled to consist of thirteen 13-story buildings, the residential complex will feature an underground parking lot and a built-in daycare center. Condominiums will be sold using escrow accounts in three stages.
This is Sberbank’s fourth construction project with RSTI. This time, we are providing over RUB 8.5 in finance for Time Square, a residential complex in St. Petersburg. Previously, we had agreed with our partner that Sber would consider the financing of the holding company’s new residential construction projects on a priority basis. Our continued partnership will enable people to have quality and affordable housing meeting European standards and enjoy all the infrastructure they might need.
Senior Vice President, Sberbank
Our partnership with Sberbank has a long history as the bank finances our property projects, and there are all kinds of mortgage programs in place. We are happy to continue this collaboration that will present Time Square, a vibrant, modern and somewhat unique project, to buyers.
Board Chair, RSTI HoldingSberbank and RSTI Holding signed an agreement on strategic cooperation and prioritized consideration of new construction projects in April 2021.