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. Last Updated: 07/27/2016

Deutsche Lends STT $470M

Deutsche Bank agreed to lend billionaire Shalva Chigirinsky's STT Group 12 billion rubles ($472 million) to refinance debt and develop new real estate projects.

The first part of the loan, amounting to 3 billion rubles already provided to STT Group, will be used for refinancing the redevelopment of the Passazh Shopping Center on Nevsky Prospekt in central St. Petersburg, Deutsche Bank said Sunday in a statement.

The developer is considering an initial public offering and the German bank said in the statement that STT Group's "strategic partnership with Deutsche Bank will be continued on this front as well."

Deutsche Bank also said last week that it would join a group of investors in a project to build four office towers and a hotel that it is financing in central Moscow.

The bank is leading a group of investors in the project that includes Otkritiye securities firm, Starr Investments, a unit of Starr International, the private investment firm of Maurice "Hank" Greenberg, the former chairman of American International Group, and U.S. hedge funds Old Lane Partners and Artha Capital, the bank said. Together they will invest about $132 million, the bank said.

The partners will build the four 11-story office buildings and a 170-room hotel, with about 110,000 square meters of space, by 2009 in Paveletskaya, Deutsche Bank said.