Russian property developer Sistema-Hals has joined forces with Jordan-based real estate developer and asset manager Saraya to develop a resort complex In the Russian Black Sea city of Sochi.
Russian property developer Sistema-Hals has joined forces with Jordan-based real estate developer and asset manager Saraya to develop a resort complex In the Russian Black Sea city of Sochi.
Saraya has acquired a 50% stake in Kamelia Investment, which owns the Kamelia Health Spa, for an undisclosed sum. Sochi is experiencing a real estate investment boom after winning the bidding process last year to host the 2014 Olympic and Paralympic Winter Games.
Sistema-Hals said additional information on the health spa would be announced in the future. Shares of Sistema-Hals are quoted on the London Stock Exchange, as well as on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange. Cushman & Wakefield valued Sistema-Hals' share of properties and projects in its portfolio at $2.88 bn (EUR 2 bn) as of 1 July 2007.
