SRV to begin construction of Russian shopping centre with Russia Invest

19 June 2013

SRV, the Finnish project management contractor, has teamed up with real estate company Russia Invest to build a shopping centre in the heart of St. Petersburg, Russia.

Okhta Mall will cost around $335m, three-fifths of which will be provided by a Russian bank, with SRV and Russia Invest investing around $63m each.

The 144,000-sq-m shopping centre is part of a much bigger project called Septem City which will cover 8.5ha and comprise of business, commercial and leisure services.

Okhta Mall would be only a short distance from St. Isaac’s Square (Credit: Sergey Galchenkov/Wikimedia)

Veli-Matti Kullas, SRV’s vice president, project development in Russia, said there was plenty of room in the market for new, well-planned projects, adding: "The Russian retail market has grown strongly in recent years and in the St. Petersburg area alone retail trade volume is around $27bn, which corresponds to around three-quarters of the entire volume of the Finnish retail trade."

The centre is due to start construction late autumn and will open in spring 2016.

Source: Wall Street Journal

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