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SRV Yhtiot Oyj And Its Partner Expand Shopping Centre Business In Russia

Friday, 23 Aug 2013 06:00am EDT 

SRV Yhtiot Oyj (SRV) announced that it is expanding its business in Russia into shopping centre management. The first location is the Pearl Plaza shopping centre, which opens on August 23, 2013 in St. Petersburg. The contract will be signed later in 2013. SRV has developed, built and commercialised the Pearl Plaza shopping centre in cooperation with its Chinese partner, Shanghai Industrial Investment Company (SIIC). Pearl Plaza will provide commercial services to the Baltic Pearl residential area, where SIIC has designed housing for 35,000 people. The shopping centre has been an investment of around EUR 140 million, of which each partner has contributed EUR 20 million with the remainder funded by bank finance. SRV has initiated construction work on the new Okhta Mall shopping centre at the Septem City site in the Okhta area of St. Petersburg city centre. SRV’s investment partner in the project is the Russia Invest real-estate investment company, formed by Finnish investors. Okhta Mall is a EUR 250 million investment. SRV’s total investment in the project will be around EUR 44 million. 

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23 Dec 2014