MOSCOW, July 23 (RIA Novosti) - Deutsche Bank will grant 12 billion rubles (about $470 million) to Russian developer STT Group for the implementation of property projects, the bank's Russia division said Monday.

The bank did not disclose the details of the loan's redemption period or interest rate.

STT Group, which is owned by Russian entrepreneur Shalva Chigirinsky, will use the loan's first 3 billion ruble ($118 million) tranche to refinance a loan used for the reconstruction of a major trading center in St. Petersburg.