On 19 February 2019, Etalon Group PLC announced that its subsidiary, Etalon Group Company AO, acquired 51 per cent of Leader-Invest JSC from Sistema PJSFC, a publicly-traded diversified holding company, and its affiliates for RUB15.2 billion. Leader-Invest is one of Moscow’s largest residential developers in terms of land banking and number of projects currently available for sale. Harneys assisted Etalon in relation to certain Cypriot law aspects of the acquisition.
Etalon Group is one of Russia's largest development and construction corporations and focusses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. Etalon Group has GDRs traded on the Main Market of the London Stock Exchange.
Harneys Cyprus Partner Nancy Erotocritou led the team with assistance from Senior Associate Sonia Hamshaw and Associate Elina Mantrali.