SRV Yhtiöt Oyj - Company Announcement

Okhta Mall in St. Petersburg go a building permit

Espoo, Finland, 2013-08-09 14:00 CEST (GLOBE NEWSWIRE) -- SRV GROUP PLC        
                STOCK EXCHANGE RELEASE                       9 AUGUST 2013 

Russia Invest's and SRV's Okhta Mall shopping centre project got a building
permit from St. Petersburg city authorities. The building permit enables to
finish the financing arrangements as well as the commencement of the
construction work. 

The total value of the Okhta Mall shopping centre investment is around EUR 250
million. The scope of the shopping centre project is 144,000 m2, of which
around 75,000 m2 is leasable space. Two underground parking levels plus a
hypermarket and four floors above ground will be built at the shopping centre.
The shopping centre, located in the city centre of St. Petersburg, will open in
spring 2016. 

Okhta Mall project is the first phase of the Septem City project that is
developed by SRV. In June, SRV sold a 55 per cent stake in Okhta Mall to
real-estate investment company Russia Invest owned by Finnish investors. Russia
Invest's shareholders are Ilmarinen, Sponda and SRV, each with a 27 per cent
share, as well as Etera, 13 per cent, and Onvest, six per cent. After the sale,
in addition to its shareholding in Russia Invest, SRV still has a 45 per cent
direct stake in the Okhta Mall shopping centre project. Besides the investor
role, SRV is in charge of constructing and commercialization of the project. 

SRV Group Plc

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