SRV to investigate possible sale of Pearl Plaza shopping centre in St. Petersburg
SRV GROUP PLC STOCK EXCHANGE RELEASE 6 FEBRUARY 2018 at 15.30
SRV to investigate possible sale of Pearl Plaza shopping centre in St. Petersburg
SRV's Board of Directors has decided to investigate the possible sale of the Pearl Plaza shopping centre in St. Petersburg together with the other owner. The Pearl Plaza shopping centre is owned by SRV and the Chinese company SIIC (Shanghai Industrial Investment Holdings), each with equal holdings.
SRV`s strategy is to divest its holdings in shopping centres once the stabilized rental income is reached. The stabilized rental income level in Russia is generally achieved within 3–4 years of the opening of a project. For example, the Pearl Plaza shopping centre, which opened in 2013, is now reaching its stabilized rental income level.
The re-finance of Pearl Plaza shopping centre was completed in February 2018 when the real estate company, who owns the shopping centre, signed approximately 95 EUR million loan agreement, which is mainly ruble denominated.
SRV does not express a more detailed view on the timing of a possible sale, or the target price.
For further information , please contact:
Veli-Matti Kullas, SVP, International Operations, tel. +358 40 501 5280, veli-matti.kullas@srv.fi
Ilkka Pitkänen, CFO, +358 40 667 0906, ilkka.pitkanen@srv.fi
Päivi Kauhanen, SVP, Communications, tel. +358 50 598 9560, paivi.kauhanen@srv.fi
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