SRV proceeds with shopping mall plans in Baltic Pearl
SRV Russia Ltd, part of SRV Group, and Chinese Shanghai Industrial Investment (Holdings) Co Ltd have signed a Shareholders' Agreement of a joint stock company for the implementation of the Baltic Pearl project. In December 2009 SRV and Baltic Pearl CJSC signed the Letter of Intent regarding the project.
The established joint venture will buy from Baltic Pearl CJSC a lease right to 8.1 hectares for the construction of a shopping mall with gross area 140,000 m2. SRV will start the project design works immediately. The construction works will be carried out in two phases. The first phase will be completed by the end of 2012.
The value of the project is approximately 170 million Euros.
The shopping mall is part of Baltic Pearl development project, where Baltic Pearl CJSC develops an area of over 205 hectares on the coast of the Gulf of Finland, southwest of central St. Petersburg. Most of the roads, canals, and structural engineering infrastructure are already in place. The entire project entails a total of about a million square meters of apartments, two hospitals and several schools and nurseries. The project is the biggest foreign investment project carried out by the Chinese government, excluding oil and natural gas investments. Baltic Pearl is expected to be fully developed in 2013.
SRV Group Plc
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