SRV GROUP PLC PRESS RELEASE 7 JUNE 2019 12.20 EET
Parties confirmed their intent to carry out the sale of shopping centre Pearl Plaza
Today at the St. Petersburg’s International Economic Forum, a cooperation agreement signalling the parties’ commitment to the sale of the shopping centre Pearl Plaza was signed. The cooperation agreement was signed by Mr. Ilpo Kokkila, Chairman of the Board of Directors of SRV Group Plc, Mr. Xu Youli, Vice President, SIIC Group, and Mr. Alexander A. Vedyakhin, First Deputy Chairman of Sberbank.
Shopping centre Pearl Plaza is a joint investment project of Finnish SRV Group and Chinese Shanghai Industrial Investment Company (SIIC). SRV has managed the shopping centre from its opening. The shopping centre was opened in 2013 and has been fully leased since 2017. Pearl Plaza is an integral part of the large residential complex, Baltic Pearl, located in the South-West of St. Petersburg.
According to the cooperation agreement, the parties confirm their cooperation and commitment to make a transaction. “SRV is working with its own business model from which Pearl Plaza is an excellent example.
We develop, build and operate shopping centres until they are in full capacity and ready to be transferred to a new owner. We are very pleased that we aim to sell Pearl Plaza to such a professional partner as Sberbank Asset Management JSC Fund,” says Ilpo Kokkila, Chairman of the Board of Directors of SRV Group Plc.
In April 2019, SRV Group Plc officially confirmed its participation in negotiations with the management of the Sberbank Asset Management JSC Fund on the sale of the Pearl Plaza shopping centre. Possible transaction will have no significant impact on SRV Group’s profit. The transaction and its schedule are still uncertain. The company announces more information, if the transaction is concluded.
Pearl Plaza shopping centre is SRV Group’s development project in St. Petersburg, Russia. SRV has developed and the company operates shopping centre REDI in Helsinki, shopping centre 4DAILY in Mytishchi, Russia and Okhta Mall in St. Petersburg, Russia.
SRV was responsible for design, construction, leasing and marketing of the project and the architectural concept and interior design of the shopping centre were developed by the Finnish architectural Bureau Larkas&Laine who created spacious galleries and alleys with magnificent panoramic views overlooking the Matisov canal. Anchor tenants include PRIZMA hypermarket, M.Video, Detsky Mir, H&M, Snezhnaya Koroleva, 11-screen cinema Formula Kino equipped with the IMAX movie hall.
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SRV in brief
SRV is a bold developer and innovator in the construction industry. We want to offer the best customer experience as a constructor of urban city centres, while also being the most attractive employer in the industry. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.
Established in 1987, we are a publicly listed company since 2007 in Helsinki Nasdaq stock exchange that operates in selected growth centres in Finland and Russia. Our revenue in 2018 was EUR 960 million. Over 1,000 people work for us and we employ a network of almost 4,000 subcontractors in our projects.
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