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Plan for giant towers in Paris wins Russian financing, developer says

Reuters
March 15, 2013, 1:05 pm TWN

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PARIS -- A Russian developer who plans to build what would be Europe's tallest residential towers in Paris said he had provisionally lined up financing from Russia's Sberbank toward the 2.3-billion-euro (US$3 billion) project.

The loan amount was not specified and developer Emin Iskenderov told Reuters the agreement signed with Sberbank was preliminary in nature, but it brings a step closer a plan to build the luxury modern apartments in a city known for its low-rise 19th century boulevards.

A Sberbank spokesman in Moscow declined to comment.

The plan to build “a Manhattan in the French style” beside the Seine has caused an uproar because of its scale and because it would mean demolishing some existing buildings near La Defense business district.

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