R.G.I. International Limited

July 05, 2011 12:13 ET

R.G.I. International Limited: US$150M Refinancing Loan for Tsvetnoy Central Market

LONDON, UNITED KINGDOM--(Marketwire - July 5, 2011) - R.G.I. International Limited ("RGI Group" or "the Company"), the AIM listed developer of quality residential and commercial real estate in Moscow and the surrounding area, is pleased to announce the refinancing of its Tsvetnoy Central Market retail development.

A new seven year US$150m loan has been signed and bears interest at a rate of 6.5% plus three months US$LIBOR (currently 0.25%) and replaces the original US$100m development loan on Tsvetnoy bearing a 9% coupon. The additional US$50m will be used by RGI Group for working capital.

Tsvetnoy Central Market is RGI Group's recently completed 36,527 sq m department store development in central Moscow, located between the city's two famous ring roads – the Boulevard and the Garden Ring – and is adjacent to the Tsvetnoy Boulevard metro station and Moscow's oldest circus.

Designed by the renowned Russian architect George Grigoryan, with interiors created by British designers HMKM and Lifschutz Davidson Sandilands, Tsvetnoy is based on the concession business model and has attracted a wide range of international retail brands across its eight floors, including All Saints, Reiss, Mango and Abercrombie & Fitch. It also offers a delicatessen-based food hall, restaurant and bar.

Alan Hibbert, RGI Group's CEO, commented: "We are delighted to announce this refinancing of the original Tsvetnoy loan at far more attractive rates that reflect the quality of this key element of RGI's portfolio."

Contact Information

  • RGI Group
    Emanuel Kuzinetz
    +44 (0) 1481 725729

    Lazard & Co. Limited - Financial Adviser
    Patrick Long
    Nick Fowler
    +44 (0) 207 187 2000

    Baron Phillips Associates - Financial PR Adviser
    Baron Phillips
    +44 (0) 207 920 3161

    Shore Capital - Nominated Adviser
    Anita Ghanekar
    Edward Mansfield
    +44 (0) 207 408 4090