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Foreign banks will assist in financing VTB Arena park project

In Moscow on the 23rd of July 2012 VTB Bank signed facility agreements with the following banks: Cassa Depositi e Prestiti (CDP), Intesa Sanpaolo, Société Generale, KfW IPEX-Bank and SACE export credit agency for financing of VTB Arena park project. Total contract value exceeds 506 000 000 euros.

Intesa Sanpaolo Bank acted as Bank Agent responsible for all facility agreements which are structured as follows:

  • 276 000 000  euros of credit facilities  are extended by Cassa Depositi e Prestiti supported by a guarantee of SACE agency for a full amount of the credit;
  • 208 000 000 euros loan is granted by Intesa Sanpaolo, Société Generale and KfW IPEX-Bank supported by an export credit insurance policy of SACE; these three banks acted as the Mandated Lead Arranger;
  • 22 000 000 are allocated by Intesa Sanpaolo and Société Generale acting as the Mandated Lead Arranger.  

The signing ceremony was held in the Russian Government Reception House in the presence of Dmitry Medvedev, the Chairman of the Government and Mario Monti, the Chairman of Council of Ministers of Italy, Enrico Cucchiani,  Gaetano Micciché, Executive Director  and General Director of Intesa Sanpaolo respectively, Alessandro Castellano, General Director of SACE, Vasily Titov, First  Deputy President and Chairman of VTB Bank Management Board and Claudio De Eccher on behalf of De Eccher Group.

Vasily Titov mentioned: “These agreements are of strategic importance for both Russia and Italy. VTB Arena park – a sophisticated high-end project successful completion of which will enhance reputation of Russia as one of developed sports states. I’m sure that by 2018 VTB Arena will prove to be one of the best stadiums ever hosting  Football World Cups”.   

Following the results of the tender construction contract for erecting the apartments, hotel, offices and supporting infrastructure of Dynamo stadium in Petrovsky park was signed with Codest International – construction division of De Eccher Group.

The overall area of VTB Arena park project is 31 ha.

Total amount of investments is worth 1.5 billion dollars. 

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