St. Petersburg, September 10, 2015. Development of the flagship SRV project in Russia, the Okhta Mall shopping center, has come to its final stage. The opening ceremony of the facility with leasable area of about 78 thousand square meters is scheduled for August 2016. Okhta Mall will become a milestone in commercial real estate market of St. Petersburg in terms of design and convenient shopping experience. About 1,5 million of St. Petersburgers reside in the area of 30-minute accessibility to the mall.
“Okhta Mall is a landmark event in the SRV Group activities in Russia. We are delighted that the project is nearing a completion, which means we have been successfully performing our investment and development obligations and accurately following the work plan. Okhta Mall project allowed the Russian division of the Finnish development company to achieve a significant growth in financial indicators. We are confident that after Okhta Mall is launched, it will succeed", - said Ilpo Kokkila, Chairperson of the SRV Group Board of Directors at the roofing ceremony, which took place on September, 10.
"An important stage of the Okhta Mall construction is over, the facility is under the roof, now we’ll focus on decorations and install engineering systems. In less than two years, six floors were built in one of the largest shopping mall of the city in strict compliance with the construction plan. At the final stage, we will continue the concept of a modern high-tech mall, convenient and user-friendly to the visitors. I am sure that the launch of Okhta Mall will be a momentous event for the whole city", said Jussi Kuutsa, Regional Director of SRV to Russia.
The SRV Group is developing Okhta Mall project in cooperation with the Russia Invest, Finnish investment Foundation. The SRV directly owns 45% of the project, other 27% are owned by the SRV through the Russia Invest. Sberbank provides project financing for 90 mln euros.
The mall is being constructed in the area of the Okhta River in the center of St. Petersburg. The target audience of the project is family buyers concerned with a high quality of shopping at favorable prices. Okhta Mall will include a hypermarket, a multiplex cinema, a food court, a fitness center, specialty stores of children's goods, sports goods and stores of clothing and footwear.
More than 40% out of 78 thousand square meters of leasable area in the shopping center have already been leased or reserved under preliminary agreements. Among the anchor tenants of Okhta Mall are such international brands as H&M, Decathlon, federal trade networks "Lenta", "MOTHER TO CHILDREN", "Daughters and Sons", theme park "Fantasy Town" and others. An exclusive consultant of the project is the JLL company.
The mall is located at the intersection of major highways and has parking lots for 1900 cars. The total area of Okhta Mall shopping center amounts to 148 thousand square meters. It will be one of the largest commercial facilities in St. Petersburg. The six-storey building of Okhta Mall is made in Scandinavian style, and meets the latest international standards for energy efficiency standards and "green" construction.