5th Dec 2018 08:41
LONDON (Alliance News) - Raven Property Group Ltd said on Wednesday it has agreed to acquire a completed warehouse in Novgorod, Russia, for RUB2.8 billion, or GBP33.0 million.
The warehouse-focused investor, which has a secondary listing on the Johannesburg Stock Exchange, will acquire the property from a fund managed by Amstar, along with 21.5 hectares of adjacent land.
The 64,375 square feet warehouse complex is currently fully let with a weighted average unexpired lease term of 84 years.
The acquisition is now subject to the fulfillment of certain escrow arrangements.
"We are delighted to acquire this quality asset on a very attractive yield," said Chief Executive Glyn Hirsch.
Shares in Raven were down 0.2% in London at 44.448 pence, while the stock was untraded at ZAR0.02 in Johannesburg.
Related Shares:
RAV.L