SRV Yhtiöt Oyj - Company Announcement

SRV acquires full control of Septem City project in St. Petersburg

Espoo, Finland, 2013-02-12 11:00 CET (GLOBE NEWSWIRE) -- SRV GROUP PLC         
STOCK EXCHANGE RELEASE             12 FEBRUARY 2012  AT 12:00 

Through a purchase concluded today, SRV has acquired the 12.5 per cent holding
of a Russian partner in the Septem City project. As a result of the purchase,
SRV now owns one hundred per cent of the project. The decision to start the
Okhta Mall shopping centre, which is the first phase of the Septem City
project, is expected to be made during 2013. In December 2012, SRV strengthened
its capital structure with a EUR 45 million hybrid bond, which also will boost
the launch of the Okhta Mall project. 

Okhta Mall is a 140 000 m2 shopping centre, incorporating around 75,000 m2 of
leasable retail space and two underground parking levels. Preliminary lease
agreements covering a total of over 25 per cent of the leasable floor area have
already been agreed with anchor tenants. 

“There is strong interest in the development of Russia's retail trade. The
leasing market in Russia operates on significantly higher price level than
Western Europe and there is good investor demand for completed shopping
centres,” says Veli-Matti Kullas, Vice President Project Development in Russia. 

SRV is currently building in St. Petersburg the Pearl Plaza shopping centre,
which will open in August 2013. SRV is responsible for developing, leasing and
constructing the centre. SRV jointly owns the centre in a 50:50 partnership
with Shanghai Industrial Investment Corporation, and it has invested around EUR
20 million in the project. The Pearl Plaza shopping centre's occupancy rate is
already close to 70 per cent. 

SRV has adopted a strategy in its Russian operations of focusing on the
development, construction and leasing of shopping centres. 

SRV Group Plc

Taneli Hassinen
Vice President, Corporate Communications
Tel. +358 40 504 3321
taneli.hassinen@srv.fi

Additional information:

Veli-Matti Kullas, Vice President, Project Development in Russia, tel. +358 (0)
40 501 5280