Russian developer Sistema-Hals said on Friday that it has increased its stake in a mixed-use project in Yalta, Ukraine, from 75% to 100%. The project consists of about 2.4 hectares of land centrally located in Yalta and just 500 metres away from the beach. Sistema-Hals plans to build a multi-use complex on the site including residential apartments, fitness facilities, and a shopping centre for a total surface of 142,000 m[sup]2[/sup].
Russian developer Sistema-Hals said on Friday that it has increased its stake in a mixed-use project in Yalta, Ukraine, from 75% to 100%. The project consists of about 2.4 hectares of land centrally located in Yalta and just 500 metres away from the beach. Sistema-Hals plans to build a multi-use complex on the site including residential apartments, fitness facilities, and a shopping centre for a total surface of 142,000 m2.
'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, characterised by an excellent location and high marketing potential, as the market situation improves,' said Igor Kascheev, First Vice President for Asset Management at Sistema-Hals.
