St Pete-based co receives $56 mln credit line from NOMOS-Bank

St. Petersburg-based company AKM Logistics said Tuesday it had received a U.S. $56 million credit line from NOMOS-Bank under an agreement signed with the bank.

The company plans to spend the funds on engineering works to prepare sites for the construction of the second and the third stages of a warehouse complex in St. Petersburg’s Shushary industrial area, as well as to complete the first stage of construction.

Total investments in construction of the complex are expected to amount to $210 million. The company is implementing the project using both its own and borrowed funds.

The whole project is expected to be completed sometime in July-September 2010.

AKM Logistics is part of a holding controlled by Venture Investments & Yield Management LLP, which focuses on large-scale projects in the sphere of commercial real estate.