UPDATE 1-Sistema sells Moscow developer stake for under $2

* Sistema sells 19.5 pct of Hals to VTB for 30 roubles

* VTB buys call option for another 31.5 pct at 30 roubles

*Sistema-Hals debt to VTB restructured

(Adds details, background)

MOSCOW, April 7 (Reuters) - Moscow-based conglomerate Sistema (SSAq.L) has sold a stake in its property unit to creditor VTB Bank (VTBR.MM) and granted it an option letting it take control, all for less than $2, the sides said on Tuesday.

As of July 1, 2008, Sistema-Hals' (HALSq.L) portfolio was valued at about $3.7 billion. Moscow-based developers since reported net asset values down about 60 percent by the end of 2008.

Sistema, whose main asset is Russia's top mobile network, Mobile TeleSystems (MTS) (MBT.N), sold 19.5 percent of property unit Sistema-Hals (HALS.MM) for 30 roubles ($0.898) to state-controlled VTB, which purchased an option for anther 31.5 percent for an additional 30 roubles.

Sistema had pledged around 70 percent of outstanding shares in Sistema-Hals as collateral on a $700 million VTB loan, Reuters reported late last year.

Sistema-Hals, whose portfolio includes the central Moscow Detsky Mir (Children's World) department store and other iconic Moscow buildings, has also agreed a debt restructuring with VTB, the statement said.

VTB said it would be represented on the board and be an active shareholder at Sistema-Hals.

(Reporting by Melissa Akin, editing by Will Waterman)

((melissa.akin@reuters.com; +7 495 775 1242))

($1=33.40 Rouble) Keywords: SISTEMA HALS/VTB

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