Russian property development company Sistema-Hals JSC intends to develop a 100,000 m[sup]2[/sup] Hals Mart retail and entertainment complex in Saint Petersburg. The company said that Sistema-Hals Group's unit Hals-Invest Development has signed a 12-year EUR 144 mln credit agreement with the bank Eurohypo to finance the development of the shopping centre.
Russian property development company Sistema-Hals JSC intends to develop a 100,000 m2 Hals Mart retail and entertainment complex in Saint Petersburg. The company said that Sistema-Hals Group's unit Hals-Invest Development has signed a 12-year EUR 144 mln credit agreement with the bank Eurohypo to finance the development of the shopping centre.
In a statement, Sistema said it will invest EUR 105.4 mln, of which an EUR 81.5 loaned by Eurohypo, to finance the construction of the complex. Completions is scheduled for early 2008. Once the centre is operational, Eurohypo will raise the loan up to EUR 144 mln to re-finance initial capital expenditures.
