OREANDA-NEWS  On 02 March was Sistema-Hals (LSE, MICEX, RTS: HALS), a major Russian real estate company, announced that it increased its holding in Sib-Brok (a project company for the elite apartments in Yalta) from 75% to 100% due to a sale of a 50% share of Soyuzkomint, and received a monetary compensation – 2.3 mln USD.

Sib-Brok has about 2.4 hectares of land under a long-term lease at 15, Moskovskaya street, Yalta, Ukraine. The Sib-Brok plot is centrally located in Yalta, just 500 meters away from the beach. Sistema-Hals plans to build a modern multi–use complex with elite apartments, fitness facilities, and a shopping centre. The concept of the project is distinguished with cute idea, optimal zoning, effective planning and professional decision on height discontinuity. Once completed, the complex will cover 141,612 sq.m.

Soyuzkomint operates a plot of land at 1A, Narvskaya street, Moscow with a total area of 7.9 hectares, also under a long-term lease.

“At a time of limited access to standard financing sources, Sistema-Hals has an opportunity to increase the quality of its portfolio using internal resources and selective transactions with its land bank. We have already received most of the preliminary permissions for the elite multi-use complex in Yalta and the project is ready for further development. The Company plans to continue developing this project, characterized by an excellent location and high marketing potential, as the market situation improves,” says Igor Kascheev, First Vice President for Asset Management in Sistema-Hals.