New York, NY (PRWEB) March 14, 2007
International law firm Salans is acting as legal counsel to Deutsche Bank AG on their financing of the Moscow Hotel reconstruction project. The total amount of financing is expected to reach $600 million, and the project will be carried out in accordance with the construction schedule approved by the Moscow City government.
The Moscow hotel project is unique in terms of location, construction and quality and will be the first project in Russia operated by international hotel company Four Seasons. The legal structuring of the deal has been challenging in light of municipal policy in Moscow on large investment projects such as this one.
Moscow-based Timothy Stubbs is the lead Partner on the deal, assisted by London-based Partner Philip Prowse, Moscow Associates Sergey Trakhtenberg and Julia Konstantinova, and London Associates Abigail Townley and Roger Vallance. The deal is expected to disburse in the coming months.
"We are delighted to be working with such a prestigious financial institution as Deutsche Bank," said lead Partner Timothy Stubbs. "The banking and legal team at Deutsche are leaders in what they do, and we at Salans have worked hard to offer to Deutsche the combination of our long-standing knowledge of Russian property law with our emerging markets project finance experience. We look forward to continuing to serve Deutsche in Russia and the CIS."
By the third quarter of 2006 Salans had completed or in progress over 170 transactions with an approximate aggregate value of over 20 billion US dollars in the CIS. Salans is in the top two international law firms in Russia and the CIS by lawyer numbers and advises on international and local law. Salans' partners have advised global businesses and financial institutions in this region for over three decades, commencing in the Soviet era and expanding steadily throughout the region following the break-up of the USSR in 1991.
# # #