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.
