SRV sells its share of the Okhta Mall shopping center located in Russia
SRV GROUP PLC INVESTOR NEWS 18 NOVEMBER 2022 2:30 EET
SRV sells its share of the Okhta Mall shopping center located in Russia
SRV and its Finnish co-investors have sold their holdings in Jupiter Realty 1 B.V., the company that owns the Okhta Mall shopping center in St. Petersburg, to the Cypriot real estate investment company Geomare Investments Limited. The sale is part of SRV's measures to withdraw from Russian businesses.
Following Russia’s launch of war of aggression in Ukraine, the company announced that it was looking into accelerating its exit from Russia. After its announcement, SRV has pursued the aim of exiting by negotiating on the sale of its assets located in Russia. The company has written down its shopping center holdings in Russia from its balance sheet, and its plot holding in Russia have a low value in the company's balance sheet.
SRV has directly owned 45 percent of the Okhta Mall shopping center opened in 2016 and indirectly about 27 percent. The company has been responsible for the shopping center's operational activities. After the sale of Okhta Mall, SRV is a co-owner in two Russian shopping centers through associated companies. In addition, SRV owns one land plot in Russia.
SRV's share of the shopping center's sales price is approximately 4.3 million euros. The sale has no effect on SRV's operating profit.
SRV is actively continuing negotiations aimed at the sale of its remaining assets in Russia.
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 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 into consideration the wellbeing of both the environment and people. 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.
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