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SRV Yhtiot Oyj Acquires Septem City Project; Company Builds Shopping Center in Partnership with Shanghai Industrial Investment Corporation

Tuesday, 12 Feb 2013 05:00am EST 

SRV Yhtiot Oyj announced that it has, through a purchase concluded on February 12, 2013, acquired the 12.5% holding of a Russian partner in the Septem City project. As a result of the purchase, the Company owns 100% of the project. The decision to start the Okhta Mall shopping center, which is the first phase of the Septem City project, is expected to be made during 2013. In December 2012, the Company strengthened its capital structure with a EUR 45 million hybrid bond, which also will boost the launch of the Okhta Mall project. Okhta Mall is a 140,000 square meter shopping center, incorporating approximately 75,000 square meters of leasable retail space and two underground parking levels. Preliminary lease agreements covering a total of over 25% of the leasable floor area have already been agreed with anchor tenants. The Company is building in St. Petersburg the Pearl Plaza shopping center, which will open in August 2013. The Company is responsible for developing, leasing and constructing the center. The Company jointly owns the center in a 50:50 partnership with Shanghai Industrial Investment Corporation, and it has invested approximately EUR 20 million in the project. The Pearl Plaza shopping center's occupancy rate is already close to 70%. 

Company Quote

18 Dec 2014