Mirland Development Corporation plc (AIM:MLD; TASE: MRLD.B1), the Russian development arm of Fishman Holdings, has secured new $47.5 million loan from Russia's SberBank to finance construction of the second stage of the company's Triumph Park mixed-use residential project in Saint Petersburg. The loan will finance 70% the construction of 630 apartments in the project, after the company invested $20 million in shareholders' equity.
MirLand has already sold 190 of the 630 apartments in the Triumph Park' second stage, after selling 480 of 510 apartments of its first stage within a year. Sales proceeds total $85 million. The first stage of the project is scheduled for completion by mid-2013, and completion of the second stage is scheduled for mid-2014. The second stage will have a net 32,600 square meters of residential and 1,500 square meters of commercial space.
When completed in 2020, the Triumph Park project will have 9,000 apartments with 631,000 square meters of space, as well as 118,000 square meters of commercial and office space. Sales proceeds from the apartments are estimated at over $2 billion.
The project is designed as a eco-residential complex certified by BREEAM, using ecologically friendly construction materials, energy efficient design, reduced carbon dioxide emissions, water purification filters and high speed eco lifts.
MirLand chairman Nigel Wright said, "Securing financing for the second phase of Triumph Park from SberBank is a further valuable endorsement of the project and builds on the success of the first phase, also funded by SberBank. Sales of first phase and early interest in the second have been very strong."
Fishman Holdings controls MirLand through Jerusalem Economy Ltd. (TASE:ECJM) (JEC) and its subsidiaries Industrial Buildings Corp. (TASE: IBLD) and Darban Investments Ltd. Eliezer Fishman is the controlling shareholder in “Globes”.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012