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. Last Updated: 07/27/2016

Sistema-Hals Ups Sochi Resort Stake

Property developer Sistema-Hals said Friday that it had raised its stake in Kamelia Health Spa project in Sochi, which will host the 2014 Winter Olympics, to 95.58 percent.

Sistema-Hals, part of the Sistema holding company, said it had bought a further 28 percent stake in the firm, but did not disclose the value of the deal.

Kamelia Health Spa has 6.3 hectares of land in the Black Sea resort under a 49-year lease. Sistema-Hals plans to build a modern resort complex on 100,000 square meters of land, including a five-star hotel.

"This project will include a tower 100 meters in height, which will be taller than any existing building in Sochi," Sistema-Hals president Felix Yevtushenkov said in a statement.

"Its unusual architectural form will be a striking addition to the Sochi city skyline," he said.