R.G.I. International Limited RGI signs agreement with Sberbank (0656F)

TIDMRGI

RNS Number : 0656F

R.G.I. International Limited

17 April 2014

R.G.I. International Limited

(AIM: RGI)

17 April 2014 Press Release

RGI signs agreement with Sberbank CIB for construction finance of the second phase of Microgorod <<V Lesu>>

R.G.I. International Limited ("RGI" or the "Company"), the AIM-listed developer of high quality residential properties in Moscow and the surrounding areas, is pleased to announce today that it has signed a loan agreement with Sberbank CIB for RUB 5.8 bln (US $160 mln) of construction finance (the "Loan") for the second phase of its flagship 1.35 mln sq. m Microgorod <<V Lesu>> residential community development.

The Loan is for a maximum of 44 months at a fixed rate of 11.8% interest per annum. A portion of proceeds from presales must, each month, be applied to repay the Loan with the outstanding balance repayable in four equal tranches commencing in the 26th month after drawdown and quarterly thereafter. Interest is payable quarterly over the life of the Loan.

As announced in RGI's results on Monday 24 March 2014, the Microgorod <<V Lesu>> development is progressing to schedule and the first tenants are moving into their apartments during the current quarter.

Commenting, Chief Executive of RGI Andrey Nesterenko said: "We are pleased to have completed this financing on better terms than we had for Phase 1 of Microgorod <<V Lesu>>. This loan commitment ensures that we will be able to push ahead with construction at full pace."

Natalya Chibrikova, Head of Real Estate Unit of the Client Management Department at Sberbank CIB, Managing Director, commented: "We are ready to continue offering such a reliable partner as RGI beneficial lending conditions and continue helping them meet their ambitious goals. We are proud that by providing financing for the second stage of this large-scale project, we are also encouraging the development of social infrastructure by supporting the construction of a kindergarten and school in the Moscow Region."

Enquiries:

 
 RGI 
  David Wood, Chief Financial Officer 
  Anna Orlova, Head of Marketing 
  and PR                                      [phone] 
 
 Citigate Dewe Rogerson - Financial 
  PR Adviser 
  Tom Baldock 
  Jos Bieneman                            [phone] 
 Shore Capital - Nominated Adviser 
  Stephane Auton 
  Edward Mansfield                       [phone] 
 

Information for editors:

About RGI

RGI has been successfully creating new markets in Moscow real estate since 1993. The Company's innovative drive played a key role in the transformation of Moscow's Golden Mile in the 1990s, when new landmark buildings were constructed that set the benchmark for modern living and working spaces in the rapidly changing Russian capital. Today the Company is focused on serving Moscow's growing middle class professionals by building aspirational, design led, residential communities. Its pioneering Microgorod V Lesu project has set new standards for the Moscow residential sector by offering homebuyers a well configured development, with good facilities and apartments finished to a high quality. In addition to its distinctive residential properties, RGI developed, owns and operates Tsvetnoy Central Market, Moscow's first iconic department store on Tsvetnoy Boulevard. The Company is listed on the LSE's AIM market and has significant land holdings in central Moscow.

For more information go to www.rgi-international.com

Sberbank CIB

The Corporate & Investment Banking Business (Sberbank CIB) was created as part of the integration of Sberbank of Russia and Troika Dialog. Sberbank CIB's key areas of activity are corporate finance (including trade finance), the documentary business, investment banking services, trade operations with securities, and private equity. Sberbank of Russia's Corporate & Investment Banking Business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.

Additional Information:

Sberbank CIB Press Service

Tel: [phone]

E-mail: [e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

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