16th Jul 2008 07:00
RAVEN RUSSIA LIMITED
("the Company" or "Raven Russia")
ACQUISITION IN ST PETERSBURG
Raven Russia Limited, the Guernsey registered, AIM listed property investment company, announces the signing of a new joint venture for a warehouse development in St Petersburg.
Raven Russia has signed agreements to develop and forward fund up to 164,000 sq. m. (1,765,000sq. ft.) of warehouse and logistics space in a 50:50 development joint venture with Venture Investments and Yield Management. The site is located in the Shushari district of St Petersburg, near both the new GM and Toyota production plants.
The end value of the project once built and let is estimated by the Property Adviser at $216m, structured to produce a net yield to the JV of 12%.
The property will be built in three phases; Phase one of approximately 52,000sq. m. (560,000sq. ft.), which is already on site, is due for completion in Q4 2008, the next phase is due for completion by early 2010 with the balance being delivered by the end of 2010. Phase one already has a development finance facility of approximately $50m in place with Nomos Bank.
Anton Bilton, Executive Chairman of Raven Mount the exclusive Property Adviser to Raven Russia commented:
"This is another substantial acquisition which adds to the Company's pipeline of projects in Russia. The key attractions being the proximity to the Toyota and GM production plants, the debt already in place and the fact that the first 52,000m2 will be delivered by year end."
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Enquiries
Numis Securities Limited Tel: +44 (0)20 7260 1000
Nominated Adviser
Nick Westlake
Corporate Broking
Rupert Krefting
Bell Pottinger Corporate & Financial Tel: +44 (0)20 7861 3232
Charles Cook/Zoe Sanders
Notes to Editors:
Raven Russia is a leading UK listed property investment and development company focused on warehouses in Russia. Since its inception in July 2005 it has invested in a pipeline of projects with an estimated end value of $2.4 billion in Russia and Ukraine. Raven Russia has an equity base of over $900 million and RRPM, a subsidiary of Raven Mount plc, acts as its Property Adviser.
Venture Investments & Yield Management LLP specializes in large commercial real estate projects in North-Western region of Russia, and has more than 20 active projects both in Russia and abroad. The total portfolio of VI&YM exceeds 1 billion euro.
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