VTB to raise 276 mln euros from Italian banks for Petrovsky Park project
MOSCOW. July 23 (Interfax) - VTB will raise funding from Italian banks to implement its VTB-Arena Park project.
VTB signed a loan agreement with Italian banks Intesa Sanpaolo and Cassa depositi e prestiti on Monday. The funding, which is guaranteed by credit agency SACE, will be used to build apartments, a hotel, offices and auxiliary infrastructure at the Dinamo Stadium and is expected to total around 276 million euros.
The document was signed within the framework of a meeting between the Russian and Italian prime ministers Dmitry Medvedev and Mario Monti.
An agreement between VTB and the Italian financial institutions was reached and documented in June, but was not announced.
The VTB-Arena Park project covers an area of 31 hectares and the building site area is 850,000 square meters.
The VTB Arena central stadium will fit 45,000 spectators. The multi-functional city complex around it will include a class A office center on 68,200 square meters a business class residential complex on 142,000 square meters and a hotel with 310 rooms and a conference hall