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IMMOFINANZ, Russian Sberbank End Long-term Financing Deal - Quick Facts

4/11/2012 5:48 AM ET

Immofinanz AG (IMMZF.PK) and the Russian Sberbank have concluded a long-term financing agreement with a volume of up to $715 million. This ten-year loan would be used by the project development company, above all to repay the development financing provided by the parent company for the Golden Babylon Rostokino shopping center.

'The funds released by this loan would be used to continue its growth course and to realise new development projects, especially in the East European markets where double-digit yields can be generated', commented Eduard Zehetner, Chairman of the Executive Board of IMMOFINANZ Group.

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by RTT Staff Writer

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