The acquisition will involve the transfer of the staff in charge of SRV’s commercial activities in Russia. Credit: Andrey Filippov 安德烈/commons.wikimedia.org.

Construction company SRV has completed the sale of the share capital of its subsidiary SRV Russia to Cyprus-based real estate investor Geomare Investments.

This transaction is part of SRV’s attempts to wind down its operations in Russia.

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The assets sold also include SRV’s Russian subsidiaries and affiliated businesses, as well as SRV’s remaining land holdings in Russia, which are controlled by these companies, along with a minority stake in the 4Daily retail centre near Moscow.

The acquisition will also involve the transfer of the staff in charge of SRV’s commercial activities in Russia.

Following this deal, SRV’s only remaining asset in Russia is a 50% stake in the Pearl Plaza shopping centre in St Petersburg.

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Chinese company Shanghai Industrial Investment is the other owner of the retail centre, and SRV is actively discussing with its partner to sell its stake in Pearl Plaza.

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In November 2022, SRV and its Finnish co-investors sold their holdings in Jupiter Realty to Geomare Investments.

Jupiter owns the Okhta Mall shopping centre in St Petersburg and SRV has directly owned 45% of the centre opened and indirectly approximately 27%.

SRV Russia’s value is estimated at €4m. The divestiture does not affect SRV’s operational profit.

Last month, SRV commenced the construction of a multipurpose building in Inkeroinen, Kouvola, Finland.