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.