Uniastrum extends Edelweiss Group Rb 230 mn loan

The non-revolving facility issued under the Bank’s U-Super Prime lending program is to be used to enhance the company’s working capital position and to refinance loans with other banks.

Active on the retail property market for over 15 years, the Edelweiss Group includes Edelweiss LLC, Edelweiss Plus LLC, Edelweiss-K LLC, and Edelweiss Retail Center LLC. The Group’s core business focus is leasing corporate-owned real estate for commercial business purposes.

In 2009 Edelweiss Group throw open the doors of a new 6-storey Edelweiss retail entertainment center, totaling 34,444.2 sq m, and with a 250 space multi-storey car park. Sited at 9, Sovetskaya St. in the town of Zheleznodorozhny, the Moscow region, Edelweiss REC was conceived and constructed in full compliance with the highest international standards not only in terms of the original integrated concept and unique design, but also with regard to the formation of the entire tenant pool and management company. Today, Edelweiss’s retail tenants are well known Russian and international companies. Also, the opening of the REC has meant jobs for more than 1,000 Zheleznodorozhny residents.

“In spite of the country’s precarious economic environment late last year, Uniastrum Bank offered us the best terms on the market, helping us to complete our latest project,” says Boris Konovalov, General Director of Edelweiss Plus and Edelweiss-K. “At the time, we were searching hard to find a way of to ease the financial pressure on the Group, and that’s where Uniastrum came in. We’ll be looking to continue our partnership in the future.”

Uniastrum’s U-Super Prime scheme remains the Bank’s most popular lending option among corporate clients, allowing them to access upwards of Rb 30 mn or $1 mn (or the Euro equivalent). Without doubt, the program’s most attractive feature is its competitive interest rates. Also, a U-Super Prime facility can be used for any purpose, be it for enhancing day-to-day cash flows (maximum loan term of 60 months with obligatory once-a-year payments), or for investment objectives (up to 10 years, with a prearranged payment plan). A U-Super Prime loan can be applied for by any business that has been operating at least 2 years and does not have a negative credit history.

Lending to large corporate clients is intrinsic to Uniastrum’s business development strategy. Over 2009 the Bank’s corporate credit portfolio expanded a solid 60%, totaling Rb 35.7 bn as of year-start 2010. Figures released by RosBusinessConsulting news agency show Uniastrum as ranking 38th by corporate loans among Russia’s leading banks in 2009.

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