1 Jan '10
The Russian division of Finnish construction company SRV will co-invest in the Baltic Pearl real estate project in St. Petersburg, Kommersant reports.
A memo of intent has been reportedly inked.
According to the source, SRV Russia and the Baltic Pearl management company will set up a JV to build a shopping mall with an area of more than 100,000 sq. m.
The cost of the mall project is reportedly estimated to be around $180m.
The total area to be developed under the Baltic Pearl is 1.8 million sq. m, of which more than 1 million will be a residential complex and 600,000 sq. m is to be commercial real estate, the source said.