15 Mar 2022 09:23

Finnish developer SRV to accelerate exit from Russia

ST. PETERSBURG. March 15 (Interfax) - Finnish developer SRV Group, which owns the Okhta Mall in St. Petersburg, does not plan to further develop its business in Russia.

"SRV no longer has any construction business in Russia. We have acted as partial investors in three shopping centres, and our goal has been to gradually reduce our operations in the Russian market by selling our stake in the shopping centres. We are exploring opportunities to accelerate detaching from Russia," the company said in a press release.

SRV Group's shopping malls in Russia continue to operate, but their business is expected to be affected by the latest sanctions against Russia.

The developer also said that it has "outlined to stop procurement of building materials from Russia altogether."

SRV, which was founded in 1987, operates in Finland, Russia and Estonia. In Russia, the company specializes in developing and building commercial real estate. It has been involved in projects such as the Pearl Plaza shopping center and Okhta Mall in St. Petersburg, the Decathlon store in Mytischi and the Mega shopping center in Kaliningrad.