The Glorax Development company (a part of Andrei Birzhin’s Glorax Group) in cooperation with Sberbank Investments LLC closed the largest deal on the land market in St. Petersburg on mezzanine financing in the amount of 1.7 billion rubles. An area of 18 hectares on Ligovsky Prospect, 240, was acquired on borrowed funds. This is the first mezzanine financing deal on the St. Petersburg market, and only 5 projects in Moscow received approval for such financing.
The acquired site will become a part of a large-scale project Ligovsky City. As part of the project, Glorax Development will build about 500 thousand square meters of business class housing. It will combine several locations of the Frunzensky district, which will improve its appearance, make the environment more comfortable for residents and attractive for tourists. Obtaining funding from Sberbank indicates the reliability of the developer and the high quality of the projects implemented by Glorax Development.
Also, in the framework of cooperation with Sberbank Investments LLC, Glorax Development was allocated project financing in the amount of 4.3 billion rubles for the construction of the club house Grand House, “First” and “Second” quarters of Ligovsky city.
“In all business sectors we strive to offer something new and creative, to think beyond standard concepts. We are constantly developing, discovering new markets and expanding opportunities. And the first deal on mezzanine financing on the land market of St. Petersburg is another proof of this. The acquisition of a new site gives us the opportunity to bring the Ligovsky City project to a new level, to redevelop a vast territory in the historical center of the city and significantly improve the quality of the urban environment. Glorax Development offers the city only significant projects and constantly proves that it is rightfully included in the list of the largest developers of St. Petersburg,” – commented Andrei Birzhin, the head of Glorax Group.
The project of development of new territories in the “gray” zone of St. Petersburg is currently the most ambitious for Glorax Development – now in this location the company has purchased plots with a total area of about 25 hectares.