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Skadden Represents PIK Group in RUB 23.4 Billion Loan Agreement with VTB Capital

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Skadden Arps Slate Meagher & Flom is representing the Russian PIK Group residential real estate developer in its RUB 23.4 billion (approximately USD 673 million) loan agreement with VTB Capital, announced June 17. No other details were provided.

The PIK Group, founded in 1994 by Yuri Zhukov and Kirill Pisarev, is the largest real estate and homebuilder company in Russia. It is involved in the construction and development of residential real estate projects and sales of completed units, including service and maintenance of residential real estate developed by itself or by other developers. It also produces and assembles concrete panel housing in Moscow and the greater Moscow area, as well as producing and selling construction materials. The Company operates through numerous subsidiaries and four affiliated companies located in Moscow, Rostov, Kirov, Kaluga, Tula, Nizhny Novgorod, Kaliningrad, and Cyprus, among others.

VTB Capital created in 2008, is among the top investment banks in Russia, the CIS, and Central and Eastern Europe. In 2013, VTB Capital advised on over 20 Russian M&A transactions with a total volume of  USD 22 billion, and completed 114 DCM transactions in CEE region with a value of approximately USD 17 billion. It is one of three strategic business arms of the VTB Group, along with its corporate and retail businesses. The company is headquartered in Moscow, and has offices in London, Singapore, Dubai, Hong Kong, New York, Vienna, Sofia, and Kiev.