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| Sberbank intends to acquire control stake in DB Development Deutsche Bank, Sberbank, Strabag and DB Development signed an agreement of intent for the sale of DB Development shares to Sberbank. Sberbank intends to acquire 51% of DB development shares – 49% owned by Stabag, and 2% owned by Dmitry Garkusha, General Director of DB Development. The deal will be completed by the end of 2010. DB Development is a joint venture of Deutsche Bank and the Austrian building and construction company Strabag, created in 2007 after an approval of the European Commission for development and financing of a wide range of large scale real estate and infrastructure projects in Russia and the CIS countries. Andrei Stroev, Head of the Real Estate and Administration Department of Sberbank noted: "The cooperation of Sberbank – the largest Russian bank, and Deutsche Bank – top-ranked leader in the global capital markets, on the platform of DB Development opens new opportunities for the Russian Real Estate market, where developers, although having teams of professionals and interesting projects, sometimes do not have the necessary capital base for the implementation as the crisis influenced significantly this sector. Indeed, this deal on acquiring the control stake of DB Development is an extraordinary and interesting solution." write your comments about the article :: © 2010 Construction News :: home page |