18.07.2008 11:03
July, 18. Russian developer Sistema-Hals intends to boost its market cap to USD 5 bn by 2012 from current USD 1.5 bn, said Alfa Bank analyst Alexei Kruchkov after the meeting with the company's new head. According to Kruchkov, Sistema-Gals, which is part of the AFK-Sistema conglomerate, is set to become a leading commercial real estate developer with a portfolio of 30 premium class projects in Moscow and regional centers. These facilities will account for more than 70% of portfolio value and generate annual net operating profit of USD 250 mn, notes the expert, and adds that small-sized estates with areas less than 30,000 sq m will be sold to finance implementation of large projects. In June Sistema-Hals President Felix Evtushenkov was elected the company's chairman and Sergey Shmakov was appointed president and CEO.
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