Russian property developer Mirland said it has agreed a new $95 mln ( 鈧�71 mln) refinancing loan with Sberbank.
Russian property developer Mirland said it has agreed a new $95 mln ( 鈧�71 mln) refinancing loan with Sberbank.
The non-revolving loan is secured against Mirland's 27,300 m2 Saratov shopping centre and has a seven-year term and a fixed interest rate of 7%..
Mirland said the loan refinances existing debt of $36 mln and allows the business to release additional funds which will be used by the company for working capital purposes.
Commenting on the loan, Mirland鈥檚 chairman Nigel Wright said: 'This new loan agreement is further evidence of the company鈥檚 ability to source financing domestically on attractive terms as well as supporting our strategy of diversifying our funding sources.'
