North West | Real estate

Finland’s SRV co-funds $180m Baltic Pearl

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.
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Locations: St. Petersburg

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