SRV has concluded a contract with the International Banking Institute, St.
Petersburg (IBI) and a local partner concerning the development of a 8,5 hectare
land area in St. Petersburg. The final volume of the project will be defined in
the negotiations with the local authorities. The plans include construction of
office, retail and hotel, restaurant and entertainment premises. Moreover,
premises will be built for IBI-university. The development of the area is
expected to take 10- 15 years. The construction works are estimated to start
during 2009.
SRV has established a development company OO IBI Invest to implement the project
and acquired a land area to its possession. SRV has invested about EUR 30
million on land and properties on 31 March 2008. SRV's total investment will be
EUR 60 million. SRV's ownership is estimated to be 77.5 per cent of the project,
when IBI Invest has acquired all the land areas included in the cooperation
contract.
SRV Group Plc
Eero Heliövaara
CEO
For further information please contact:
Eero Heliövaara, CEO, SRV Group Plc, tel. +358 (0)40 500 2436
Distribution:
Helsinki Stock Exchange
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