MR Group has signed a loan agreement with VTB Bank to finance the construction of iCity, a public and business center. The financing amounting to about RUB 30 billion is provided for 7 years, the money will be invested in the construction of iCity, a high-rise class A office center on the territory of the Moscow International Business Center, the bank informed.
The financing contract was concluded within the framework of the strategic cooperation agreement adopted by VTB Bank and development company MR Group in the summer of 2019.
With a total area of 249 thousand square meters, the business center will be their year's largest Russian office project and the first building in Russia to comprehensively use the principles of integrating physical space and digital environment. iCity will be built as the first digital office center using the smart building approach, a combination of smart engineering systems, full automation and energy efficiency. Construction is scheduled to complete in 2023.
VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all the key segments of the financial market. In the CIS, the group is active in Armenia, Ukraine, Belarus, Kazakhstan, Azerbaijan. VTB's banks in Austria, Germany and France are operating as parts of the European sub-holding led by VTB Bank (Austria). Besides, the group has subsidiary and affiliate banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one VTB branch in China and India, two VTB Capital Plc branches in Singapore and Dubai. IFRS net profit of VTB Group for January-April 2020 decreased by 19% year-on-year to RUB 40.7 billion.
