VTB will provide 4 billion rubles. for the construction of a residential complex in the Resort area of St. Petersburg

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AK&M 17 July 2024 12:49

VTB will provide about 4 billion rubles to LAR Development (Zapstroy Group of Companies). The funds will be used for the construction of the first two stages of a new business class residential complex in the Resort area of St. Petersburg. This is stated in the bank's message.

The residential complex Ranta Residence began to be built in Zelenogorsk in May this year on a plot of 5.4 hectares. It is planned to build 14 residential buildings with a height of up to four floors for 550 apartments, as well as an elementary school for 100 students, a kindergarten for 90 pupils and an indoor multi-level parking lot. A boulevard with walking routes is planned to be built on the territory, recreation and sports areas are provided. The commissioning of the first stage of the residential complex – four houses with 177 apartments – is scheduled for early 2026.

VTB provides support to St. Petersburg developers in the implementation of projects of various real estate classes. The bank's residential real estate financing portfolio has increased by 10% since the beginning of the year, to 74 billion rubles. Zapstroy Group already has a positive experience of cooperation with VTB during the construction of the Novo-Antropshino residential complex.

LAR Development specializes in the construction of business class facilities. The developer is also implementing a project for the reconstruction of the historical Eliseev estate in the village of Belogorka in the Gatchina district.

VTB Group is a Russian financial group comprising more than 20 credit and financial companies operating in all major segments of the financial market. In the CIS countries, the group is represented in Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan. VTB banks in Austria, Germany and France operate within the framework of a European sub-holding headed by VTB Bank (Austria). In addition, the group has subsidiaries and associated banks in the UK, Cyprus, Serbia, Georgia and Angola, as well as one branch of VTB Bank in China and India, two branches of VTB Capital Plc. in Singapore and Dubai.