OREANDA-NEWS. On December 20, 2007 Sistema-Hals OJSC (LSE, MICEX, RTS: HALS), one of the largest diversified real estate companies in Russia and the CIS, has announced the sale of a 50% stake in 13 Kostyansky CJSC to partner company MIRAX GROUP, reported the press-centre of Sistema-Hals.

"In seeking to establish the most effective possible asset structure, Sistema-Hals continuously carries out complex monitoring and score analysis of its profile. Its current business model shows that it would be more cost effective to invest the funds received from the sale of the 13 Kostyansky project into other projects that the company is currently implementing," Sistema-Hals Vice President Igor Kashcheev says.

Senior Vice President of MIRAX GROUP, Alexander Yedinak says "MIRAX GROUP does not engage in typical projects and is only interested in original and innovative concepts such as 13 Kostyansky. We decided to acquire a stake in this project from our partners, Sistema-Hals, so that the concept could be realised in line with our vision. 

"The unique structure of this luxury residential project is strictly in keeping with the architectural style of Moscow's historic centre. This is an interesting and complex development and we believe that MIRAX GROUP has both the experience and strong brand reputation to successfully complete this project," says Mr Yedinak.

13 Kostyansky CJSC is a company working on the project located at 13 Kostyansky Lane, Moscow. Sistema-Hals and MIRAX GROUP previously held equal ownership interests in the company. The project will comprise the construction of a nine-storey club complex with a total area of around 30,000 sq. m, with 76 flats, office space, underground parking for 281 cars, a restaurant and a fitness club with swimming pool.