Mongolian International Capital Corporation (MICC) has facilitated a EUR 10 million, seven-year loan transaction the construction of a new commercial building for Tsast Properties LLC.

The loan will enable the firm to complete its construction of the International Commerce Center (ICC). Current construction of the building is at 40 percent.

Tsast Properties is focused on real estate development in Ulaanbaatar, and is a subsidiary of Tsast Impex, a holding group in the construction sector.

The ICC will be a 21-story commercial building located in Ulaanbaatar's central business district. It will have two underground parking lots, a lobby with commercial area for coffee shops, restaurants up to the fourth floor, office space and conference rooms up to the 16th floor, and an upscale lounge.

“We are excited to see the addition of ICC tower into Ulaanbaatar's city skyline, so we are delighted to close Tsast's loan facility transaction,” said D. Achiterdene, president of MICC. “Tsast transaction is the latest entry in MICC's strong track record of arranging flexible, long-term and competitively priced cross-border debt financing to Mongolia's top corporations.”

Established in 2005, MICC provides investment banking, equity research, securities underwriting, and brokerage services to Mongolian and international clients.