Russian real estate company Sistema Group, part of a real estate to technology company Sistema PJSFC, has agreed to divest its 54 percent stake in peer Leader Invest JSC.
Sistema Group said that it will offload its stake in Leader Invest to real estate investment trust Etalon Group for 15.2 billion rubles ($229.5 million).
Following the closure of the deal, Sistema Group will now hold 49 percent stake in Leader Invest.
The move will create a new leader in the residential real estate market, with opportunities for the two developers to optimise construction, marketing and promotional costs, as well as administrative expenses.