OREANDA-NEWS. January 10, 2007. Sistema-Hals OJSC (LSE, MICEX, RTS: HALS), one of the largest diversified real estate companies in Russia and the CIS, has announced its strategic partnership with Saraya, a real estate development and asset management company investing in travel and tourism, to invest in Kamelia Investment Company to develop a Saraya branded project at the Black Sea in Sochi, reported the press-centre of Sistema-Hals.

Sistema-Hals sold Saraya a 50% stake in Kamelia Investment, a project company that owns the Kamelia Health Spa.

Further information about the project will be announced in due course.