Russian Invest makes its first investment in Russia
Property investment company Russian Invest has purchased from SRV a 55 per cent share in the Okhta Mall shopping centre project, which is Phase I of the Septem City project located in St. Petersburg. Okhta Mall is Russia Invest’s first investment, and the size of the company’s investment in the project will be approximately EUR 50 million.
Sponda’s holding in Russia Invest, which invests in property development projects in Russia, is 27 per cent. Sponda’s share of the investment in the Okhta Mall shopping centre project is approximately EUR 14 million.
The total value of the shopping centre investment is approximately EUR 250 million. Construction is estimated to begin in late autumn 2013, after the final building permit is received. SRV will be responsible for the development, planning, leasing and construction of the shopping centre. The shopping centre will open in spring 2016.
The Okhta Mall shopping centre project comprises a total area of some 144,000 m2, of which approximately 75,000 m2 will be leasable floor area. The shopping centre will have four floors above ground and two underground levels for a hypermarket and parking space.
The Okhta Mall site is located in the immediate vicinity of St. Petersburg’s central business district, next to Okhta River. It will be the first shopping centre with a hypermarket near the central business district. Preliminary leases have been signed for over 25 per cent of the total leasable area. The target annual rental income for the shopping centre is approximately EUR 33 million.
The shareholders of Russia Invest, a property investment company established in September 2011, are Ilmarinen, Sponda and SRV with a share of 27 per cent each, Etera with a share of 13 per cent and Onvest with a share of 6 per cent. The company’s investment capacity is EUR 95.5 million, of which slightly over half is now being invested in the Okhta Mall shopping centre project.
About Sponda Plc:
For further information: