Finnish developer SRV sells stake in Okhta Mall shopping center in St. Petersburg

ST. PETERSBURG. Nov 21 (Interfax) - Finnish developer SRV Group and its partners, Sponda, Ilmarinen, and Conficap, have sold their respective stakes in Jupiter Realty 1 BV, which owns the Okhta Mall shopping center in St. Petersburg, to Cyprus-based Geomare Investments Limited, the developer's press service said.

SRV directly owned 45% in the Okhta Mall shopping center, and indirectly owned around 27%, and the company operated the shopping center.

As noted, the sale of the asset has not affected SRV's operating income.

Following the sale of the share in the Okhta Mall shopping center, SRV remains a co-owner of two other shopping centers in Russia through subsidiaries, as well as one land plot. SRV is continuing negotiations aimed at selling the remaining Russian assets.

SRV Group in March said that the company no longer had a construction business in Russia, and that there were no plans to develop business in Russia going forward. Meantime, the company's Russian shopping centers have continued operating.

SRV has been operating in Finland, Russia and Estonia since 1987. In Russia, SRV has specialized in developing and constructing commercial real estate. The group has specifically participated in implementing such projects as the Pearl Plaza shopping center and the Okhta Mall shopping center in St. Petersburg, as well as the Decathlon store in Mytishchi and the Mega shopping mall in Kaliningrad.