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With the finalization of the associated loan agreement, the 395 million construction contract awarded to Codest International in December 2011 by PMC Dynamo (a subsidiary of VTB Bank) is now in full force and effect. The contract covers the development of substantial commercial properties adjacent to the Dynamo stadium and Petrovskiy Park in Moscow.
The project, situated on a large area on Leningradskiy Prospekt (the main thoroughfare to Sheremetyevo Airport) comprises of the construction of extensive sports facilities (football stadium and ice-hockey rink) besides the commercial section awarded to Codest, which includes a hotel and a serviced apartments property to be managed by Hyatt International, and various office and residences for a total of 300,000 sq m distributed on 13 buildings.
After defeating German, Swiss, French and Austrian competitors to clinch the contract in December 2011, Codest has also managed to arrange the financing for the project, in a complex transaction that closed in July 2012 and involves Cassa Depositi & Prestiti, Intesa Sanpaolo Bank, SocGen and KWF on the lending side, while SACE provides crucial export credit insurance and Simest the hedging of interest rates.
Works shall commence in August 2012, with completion scheduled by end 2016, for the inauguration to take place ahead of the 2018 FIFA World Cup in Russia.


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