SRV signed a letter of intent to sell the shopping centre Pearl Plaza in St Petersburg

SRV GROUP PLC     INSIDE INFORMATION     13 SEPTEMBER 2021       17.30 EET

SRV signed a letter of intent to sell the shopping centre Pearl Plaza in St Petersburg

SRV’s and Chinese Shanghai Industrial Investment (Holdings) Co., Ltd´s joint venture has signed a non-binding letter of intent to sell the shopping centre Pearl Plaza, located in St. Petersburg,  with a Russian real estate investor.

The possible sale of the shopping centre implements SRV’s strategy, in which the company has outlined its focus on reduction of indebtedness, and further reducing the balance sheet in the Investments segment. This strategic policy states that the company will develop the operational business of the shopping centres in Russia with the aim of divesting the shopping centres at the time assessed on the development phase of the shopping centres and the market situation.

The company expects that the realization and the schedule of the sale will be defined during the autumn. The company anticipates that the possible transaction will have positive impact on SRV Group Plc’s operating profit, but the final effect will be only clear at the time of transaction.

Pearl Plaza shopping centre is SRV Group Plc’s development project in St. Petersburg, Russia. SRV has a 50 per cent holding in Pearl Plaza. The shopping centre was opened in 2013.

For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Jarkko Rantala, CFO, tel. +358 (0)40 674 1949, jarkko.rantala@srv.fi

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SRV in brief
SRV is a developer and innovator in the construction industry. Our objective is a new lifecycle-wise reality where solutions related to construction ensure well-being, financial value and the benefit of users, residents and environment – for years and generations to come. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland and Russia. In 2020, our revenue totalled EUR 975.5 million. In addition to about 1,000 SRV employees, we employ a network of around 4,200 subcontractors.

SRV – Building for life

 

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