"Gals-Development" has bought out partner 50% TC "Summer" in St. Petersburg

JSC "gals-Development" company Apsys Group purchased 50% of the project on construction of a commercial and entertainment center "Summer" in St. Petersburg, by consolidating, so 100% of the project, the statement said.

As it was explained RIA Novosti press-service developer, five years ago, SHOPPING for the realization of the project "Summer" "OJSC Sistema-Hals " and the French company Apsys Group entered into a joint venture SistemApsys S.a.r.l., each owned 50% of partners established JV.

According to the developer, "gals-Development" now owns 100% of the share capital of the company SistemApsys S.a.r.l.

SistemApsys S.a.r.l. in turn controls LTD. "Gals-invest Development" that owns the TRADE CENTER "Summer".

Value of the transaction, the company does not disclose.

Last week, Bank VTB increased "gals-Development" limit on the loan for the construction of a TRADE CENTER "Summer" with 66.3 million to 190 million dollars.

Draft 2011-"Summer" with total area of 116 thousand square meters in Saint-Petersburg at: Pulkovskoye shosse 25. The SEC will open more than 200 shops, restaurants, and entertainment component of the fudkorta zone, including the ice rink.

"Gals-Development" works in the real estate market in Russia and CIS with the 1994 year. The main shareholder of VTB Bank is the developer, whose share in the company reaches 51.24%. The management company owns 3.3% of the shares in free float is 17.86%. 13.8% of the shares of another developer proficient was Limited and Stoneflower Blairwood Limited. Before the crisis "gals-Development" was part of the AFC "System".

The French company Apsys established in 1996 year. The Group invests in commercial real estate, construction and management of commercial projects. Portfolio of the group includes 18 shopping centres in the Office as well as the 10 projects under development in Poland and in France.

Topic: TC "Summer", AFC "System", "Gals Development", JSC, RIA, SHOPPING, LTD, TRADE, CENTER, VTB, SEC, CIS