Russia Invest’s and SRV’s Okhta Mall shopping centre project got a building permit from St. Petersburg city authorities. The building permit enables to finish the financing arrangements as well as the commencement of the construction work.
The total value of the Okhta Mall shopping centre investment is around EUR 250 million. The scope of the shopping centre project is 144,000 m2, of which around 75,000 m2 is leasable space. Two underground parking levels plus a hypermarket and four floors above ground will be built at the shopping centre. The shopping centre, located in the city centre of St. Petersburg, will open in spring 2016.
Okhta Mall project is the first phase of the Septem City project that is developed by SRV. In June, SRV sold a 55 per cent stake in Okhta Mall to real-estate investment company Russia Invest owned by Finnish investors. Russia Invest’s shareholders are Ilmarinen, Sponda and SRV, each with a 27 per cent share, as well as Etera, 13 per cent, and Onvest, six per cent. After the sale, in addition to its shareholding in Russia Invest, SRV still has a 45 per cent direct stake in the Okhta Mall shopping centre project. Besides the investor role, SRV is in charge of constructing and commercialization of the project.
SRV Group Plc
Vice President, Communications
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