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.
Joerg Bongartz, Chairman of the Board of OOO “Deutsche Bank” and a member of the Board of ZAO “DB Development” said: “We are glad that as a result of this deal a very powerful development firm was set up, the competitive advantages of which are built on Sberbank’s market presence, significant global experience of Deutsche Bank and DB Development’s know-how in development and structuring in the real estate sector.”
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.”
Gerhard Gritzner, Member of the Board of Strabag AG, Managing Director for Russia and CIS said: “We welcome this deal and having gained positive experience of working with DB Development during two years, we hope to continue our close partnership in a new way, given the company’s capabilities in the development business and structuring deals in the capital markets.”
Dmitry Garkusha, General Director of ZAO “DB Development” commented: “We are glad that as a result of our cooperation with Sberbank and Deutsche Bank we signed the agreement on the deal which allow us not only to use our innovations and technologies, but also the extensive experience of the both banks. We are confident that the synergy of Deutsche Bank and Sberbank cooperation will positively influence the Real Estate market and allows DB Development to reach the leading positions in the areas of fee-development and attracting financing.”
For further information, please call:
Deutsche Bank Russia
Phone: +7 495 797 5026
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,929 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank Ltd. (Deutsche Bank Russia) was established in April 1998. The Bank is a wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank has become one of the largest foreign banks in Russia. Deutsche Bank Russia provides local and international, corporate and private clients with a broad range of financial services, comprising corporate finance and advisory, sales, trading, transaction banking as well as private wealth management and asset management services. The bank includes the largest Russian and multinational companies among its client base.
Sberbank (Savings Bank of the Russian Federation) is the largest Bank in Russia, Central and Eastern Europe, with about 30% of the total assets of the Russian banking system. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 250 thousand individuals and legal entities. The Bank has the most ramified branch network in Russia: 18 Regional Head Offices, over 20 thousand branches and banking outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belorussia.
The Bank holds the General License # 1481, issued by the Central Bank of the Russian Federation.
Official web site – www.sberbank.ru