Russian property group Sistema-Hals has announced the sale of its 22 Rochdelskaya project in central Moscow. The company said that the move is part of its ongoing asset management strategy. 'Detailed analysis of the development pipeline indicates that it would be more cost effective to invest the funds received from the sale of the 22 Rochdelskaya project into other current projects', said Sistema-Hals vice-president Igor Kashcheev. The project consists of a development with gross building area of about 13 000 m[sup]2[/sup] in the center of Moscow close to the House of Government. Sistema-Hals is active in development, project management and construction in the Russian and CIS real estate market .
Russian property group Sistema-Hals has announced the sale of its 22 Rochdelskaya project in central Moscow. The company said that the move is part of its ongoing asset management strategy. 'Detailed analysis of the development pipeline indicates that it would be more cost effective to invest the funds received from the sale of the 22 Rochdelskaya project into other current projects', said Sistema-Hals vice-president Igor Kashcheev. The project consists of a development with gross building area of about 13 000 m2 in the center of Moscow close to the House of Government. Sistema-Hals is active in development, project management and construction in the Russian and CIS real estate market .
The company 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 (MICEX) and the Moscow Stock Exchange (MSE). Since starting operations in 1994, Sistema-Hals has completed more than 30 projects with a total area in the region of 300,000 m2, including the headquarters of DaimlerChrysler, the Hals Tower office building, the headquarters of Trubnaya Metallurgical Company and a hotel for the MaMaison chain (Orco Property Group). Cushman & Wakefield valued Sistema-Hals' portfolio at $2.9bn.
