SRV GROUP PLC INVESTOR NEWS 2 AUGUST 2023 10:00 EEST
SRV sells most of its remaining Russian holdings, continuing its exit from the country
With a transaction completed on 1 August 2023, SRV has sold the share capital of its subsidiary SRV Russia Oy to the Cyprus-based real estate investment company Geomare Investments Limited. This sale is part of SRV’s actions to exit its operations in Russia. The sold assets also include SRV’s Russian subsidiaries and associated companies and SRV’s remaining plot holdings in Russia, which are owned by these companies, as well as a minority interest in the 4Daily shopping centre located close to Moscow. The personnel responsible for SRV’s business operations in Russia will also be transferred in the transaction.
After this transaction, SRV’s only remaining asset in Russia is a 50 per cent holding in the Pearl Plaza shopping centre in St Petersburg. The other owner of the shopping centre is the Chinese company Shanghai Industrial Investment (Holdings) Co., Ltd. SRV is actively continuing negotiations with its partner with the aim of selling its holding in Pearl Plaza as well.
The sales price of SRV Russia Oy is about EUR 4 million. The divestment has no impact on SRV’s operative operating profit.
For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, email@example.com
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, firstname.lastname@example.org
SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2022, our revenue totalled EUR 770.1 million. In addition to approximately 1,000 in-house staff, we have a network of around 3,600 partners.
SRV – Building for life