With a transaction completed on 1 August 2023, SRV has sold the share capital of its subsidiary SRV Russia Oy to the Cyprus-based real estate investment company Geomare Investments Limited. This sale is part of SRV’s actions to exit its operations in Russia. The sold assets also include SRV’s Russian subsidiaries and associated companies and SRV’s remaining plot holdings in Russia, which are owned by these companies, as well as a minority interest in the 4Daily shopping centre located close to Moscow. The personnel responsible for SRV’s business operations in Russia will also be transferred in the transaction. 

After this transaction, SRV’s only remaining asset in Russia is a 50 per cent holding in the Pearl Plaza shopping centre in St Petersburg. The other owner of the shopping centre is the Chinese company Shanghai Industrial Investment (Holdings) Co., Ltd. SRV is actively continuing negotiations with its partner with the aim of selling its holding in Pearl Plaza as well. 

The sales price of SRV Russia Oy is about EUR 4 million. The divestment has no impact on SRV’s operative operating profit according to the company.