VTB Bank finances Dream Island project for 37 billion rubles

29 Jan 2018

VTB Bank opened a credit line for Dream Island park for 37 billion rubles for a period of 7 years. The funds will be directed to the implementation of the first stage of the park - a key urban development project in Moscow. The total cost of the first stage of the project is 81 billion rubles. It includes the value of the land plot and the amount of investments in the amount of 43 billion rubles (including 37 billion rubles of VTB), intended for construction, acquisition of rides and the formation of working capital.

The funds raised within the credit line of VTB will be directed to the implementation of the first stage of Dream Island park, which includes an indoor theme park and a city walk with a large shopping and entertainment zone and a landscape park.

Dream Island is the first indoor theme park in Russia. Its year-round work, unique concept and scale will attract about 50 million visitors a year to the park and make it the most colorful tourist attraction in Moscow along with the Kremlin, Gorky Park and VDNH. A large-scale project is being implemented in the Nagatinskaya floodplain on an area of almost 60 hectares, and the area of the park is 292 thousand square meters.

The thematic part of Dream Island will be divided into several thematic zones with 40 diverse entertainments for adults and children, 29 of them are the most modern and unique attractions that will allow you to plunge into painstakingly recreated fairy-tale worlds from animated films.

In addition to the theme park with attractions, on the territory of the "Island of Dreams" will located:

• Landscaped park with sports and children's areas, open-air cinema, dance floor, amphitheater, pond and fountains;

• Indoor city walk with a central area the size of one and a half football stadium and copies of world attractions, as well as nearly 50 themed restaurants and more than 200 shops;

• Multifunctional concert hall for more than 3,500 seats;

• Cinema in 17 rooms, including a room with IMAX-screen;

• Overground and underground parking for more than 3,800 parking spaces.

The second stage of the construction of Dream Island includes a complex improvement of the embankment with a children's yacht school, the construction of a multipurpose concert hall and a 4 * hotel for 410 rooms.

The main construction works of the covered part of the park are planned to be completed before the end of 2018, in the middle of 2019 - to finish the interior decoration and landscaping. In 2017, the main design and monolithic works were completed, including ground and underground parking and monolithic grounds for 75-meter central towers, and contracts for the delivery of all attractions were concluded. In parallel, work began on the formation of relief in the landscape park.

Amiran Mutsoev, Chairman of the board of directors of the holding company: Dream Island is a socially significant project and a new powerful driver for the development of the city and the whole country. It will improve the quality of the urban environment, the investment attractiveness and competitiveness of Moscow against the backdrop of foreign megacities, and it will be able to attract tourist flows to the capital in the amount of almost 3 million people. In addition to huge investments in urban infrastructure and promotion of the tourist brand of Moscow, its unique concept will open a new chapter in the development of the entertainment industry in Russia and all around the world. Dream Island was deservedly included in the number of major urban development projects of the future – Zaryadye park, Luzhniki stadium, the renovation of the ZIL industrial zone and was presented by Moscow Mayor Sergei Sobyanin to Russian President Vladimir Putin in November 2017. 

Yury Soloviev, First Deputy President and Chairman of the Board of VTB Bank, noted: VTB is pleased to take part in financing the construction of such a landmark country-wide project as Dream Island park. We are confident that the scope and unparalleled concept of the project will make it one of the most important sights of Moscow, making a significant contribution to improving the social infrastructure of the capital.