News
Sistema-Hals and Saraya announce Kamelia project changes
MOSCOW, RUSSIA - July 6, 2010 - Sistema-Hals (LSE, MICEX, RTS: HALS), a major Russian real estate company, and Saraya Holdings announce today that Saraya Holdings has recently accepted a proposal by Sistema-Hals to buy out Saraya Holdings' stake in Kamelia project in Sochi.
Sistema-Hals President Andrey Nesterenko commented: "By accumulating Kamelia share in our hands Sistema-Hals is committing to open the hotel in time for the Sochi 2014 Olympic program. The recent buyout will allow us to meet established investment goals for the exiting hotel in a prime location. We are planning to continue our fruitful partnership with Saraya and we are evaluating other projects where we can continue to build a solid platform together".
Saraya Holdings Executive Director Souheil Moukaddem said: "We are fully satisfied with our current relationship with Sistema-Hals. Our partners proposed an amicable buy-out that fit with our long-term strategic goals. We are looking forward to continue our partnership with Sistema-Hals on other projects".
Kamelia project occupies an area of land measuring 6.3ha at 89 Kurortny Avenue, Sochi. The project is a mixed-use resort on the beach front.
Sistema-Hals ("the Company") is one of the leading diversified company in the Russian and CIS real estate market.
The Company was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The Company's shares are also listed on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange and the Russian Trading System Stock Exchange.
Main shareholders of Sistema-Hals are Bank VTB (51.24%) and AFK "Sistema" (27.6%); free float is about 18%.
Starting operations in 1994, Sistema-Hals has successfully completed about 40 projects with a total area over 450,000 square metres, including several residential complexes in Kuntsevo, the headquarters of the DaimlerChrysler company, the Hals Tower office building, the headquarters of the Trubnaya Metallurgical Company, the hotel for the MaMaison chain (Orco Property Group).
Sistema-Hals implements the development of the Leningradsky Towers complex in Moscow; carries out the complex program of redeveloping the facilities of the Moscow City Telephone networks; reconstructs the building of the Central "Detsky Mir" on Lubyanka, constructs LETO shopping center in Saint Petersburg and fulfils several other projects.
Sistema-Hals has assembled a balanced and diversified portfolio of assets in fast-growing sectors of the market. The Company's strategy is focused on building Class A and B office space, multifunctional retail and office complexes, business-class residential buildings.
For further information please contact:
Anna Zavialova
Tel. +7 (495) 662-662-4
zavialova@sistema-hals.ru
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