MOSCOW (Thomson Financial) - Deutsche Bank AG said it will provide STT Group with financing totalling 12 bln rubles as part of a strategic partnership with the development company, Interfax reported.
The German bank also said that STT Group plans to carry out an initial public offering (IPO), but it did not provide further details on the matter.
The first tranche of the secured loan will amount to 3 bln rubles, and it will be used to refinance the reconstruction of a St. Petersburg shopping centre.
The two companies also said they plan to co-invest in other real estate and development projects going forward. alfred.kueppers@thomson.com amk/jag COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.