“The expansion is a natural continuation of our focus on shopping centre business in Russia. There is a clear need for shopping centre management in the Russian market. We have a highly expert and international team experienced in shopping centre development and commercialisation. There is also room in St. Petersburg and Moscow for new, modern shopping centres,” says SRV’s CEO, Jukka Hienonen.
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. SRV and SIIC each have a 50 per cent share of the shopping centre company. 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. The shopping centre’s estimated annual rental income is around EUR 18 million. The objective is to continue next year with the construction of the second stage of the shopping centre, which will increase the leasable area by 40 per cent.
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. The shopping centre’s estimated annual rental income is EUR 33 million.
SRV Group Plc
Vice President, Communications
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