23rd Mar 2006 12:12
Raven Russia Limited23 March 2006 RAVEN RUSSIA LIMITED (the "Company" or "Raven Russia") Notification of acquisition 23 March 2006 The Board of Raven Russia is pleased to announce its first acquisition in StPetersburg, Russian Federation. Raven Russia has signed binding legal contracts to forward fund and develop a128,000 square metre (1,377,000 square feet) logistics and distribution complexin a 50:50 joint venture with a local Russian partner, Avalon Group, adiversified investment company with interests in commercial real estate,logistics and FMCG. The project is 50% pre-let to Avalon Logistics on a 10 year lease without breakat a market rent. Avalon Logistics is one of the top 5 logistics operators inRussia, with facilities across the country. The end value of the project, once built and let is estimated at $113 million,structured to produce a net yield to the joint venture of 15.50%. The property will be constructed to Grade A western standards and should becompleted in late 2007/early 2008. Anton Bilton, Chairman, Raven Mount Plc, (Property Advisor to Raven Russia)commented: "This is Raven Russia's first project in St Petersburg and is an excitingtransaction in terms of size and yield and further underlines our ability tomake tangible progress in this currently nascent and developing market." Adrian Collins, Chairman of Raven Russia said: "We are very pleased with this Grade A transaction and equally our current dealpipeline where we have further similar transactions in solicitors hands andexpect to make more announcements shortly." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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