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. Last Updated: 07/27/2016

$50M Rosbank Loan for Interros Arm

Open Investments, the real estate investment arm of Interros, announced last week that it had secured a $50 million, five-year loan from Rosbank for its projects in the Moscow region.

Launched in late 2002 to consolidate Interros' real estate assets, Open Investments became the country's first real estate company to sell its shares when it raised $68.8 million on the RTS last November.

The company's market capitalization is roughly $220 million.

The loan will be used to finance the completion of Open Investments' Pavlovo cottage settlement 14 kilometers northwest of Moscow and its nearby $53 million Pavlovo Podvorye retail and entertainment complex.

In addition to the Pavlovo projects, the company has invested in the Novotel Moscow Center hotel and the Class-A Meyerhold Office Center in central Moscow.