Russian real estate developer Sistema-Hals announced on Tuesday that it has fully placed three million bond securities with par value of 1,000 roubles (EUR 22.57) each. The bonds mature in 2014, the company said. The placement was lead-managed by Zao Raiffeisenbank and the proceeds, a total of EUR 67 mln, will be used to restructure the company's debt.

Russian real estate developer Sistema-Hals announced on Tuesday that it has fully placed three million bond securities with par value of 1,000 roubles (EUR 22.57) each. The bonds mature in 2014, the company said. The placement was lead-managed by Zao Raiffeisenbank and the proceeds, a total of EUR 67 mln, will be used to restructure the company's debt.

Last week, VTB Bank bought a 19.5% stake for 30 roubles a share in Sistema-Hals. The stake was sold by the group's major shareholder, Sistema, which previously owned a 69.4% stake in the company. VTB also received a call option to acquire a further 31.5% stake in the company.

Sistema Hals 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.

As of July 1, 2008, Sistema-Hals' portfolio was valued by C&W at about $3.7 bn (EUR 2.8 bn).