LSR Group (“LSR” or the “Group”) one of the leading real estate developers and building materials producers in Russia (LSE: LSRG, MICEX, RTS: LSRG), today announces it has signed an agreement to open a credit line with a limit of US$ 85 million for two years with the Northern Capital branch of ZAO Raiffeisenbank. 

The loan funds will be used to realize general corporate goals including the credit portfolio restructuring and the implementation of investment projects.

Elena Tumanova, CFO, Member of the Board of Directors of OJSC LSR Group said: “It is particularly important for us that despite the financial market volatility ZAO Raiffeisenbank regards LSR Group as a long-term partner and provides finance for our further development.”

Alexander Konyshkov, Deputy Director of Raiffeisenbank’s Northwest Regional Centre, said “Our branch has been successfully cooperating with LSR Group for several years now. Over the years of cooperation the Group has demonstrated an active dynamics of growth and proved to be a reliable business partner. Entering into such a loan agreement is a further logical step in our cooperation. The loan is provided for the realization of LSR’s general corporate goals and is one of the largest bilateral transactions performed by our branch this year.”