15th Jun 2007 12:50
Raven Russia Limited15 June 2007 RAVEN RUSSIA LIMITED (the 'Company' or 'Raven Russia') FURTHER TRANSACTION FOR RAVEN RUSSIA IN MOSCOW Raven Russia Limited ("Raven Russia") (AIM: RUS.L), the Guernsey registered AIMlisted property investment company announces a further transaction in Moscow,Russia. Raven Russia has entered into conditional contracts to forward fund and developa 104,000 square metre (1,119,450 square feet) logistics and distributioncomplex in a 50:50 joint venture with a Russian partner, RDI. RDI is anexperienced commercial and residential property developer that has alreadycompleted a number of successful projects in the Moscow Region. The project will be built on a 22.4ha (55.3 acre) site to the south of Moscow onthe Kashirskoye highway, 9km from the MKAD (the orbital motorway). The locationprovides good access to Domodedovo International airport and major highwaysconnecting central European Russia with the south of Russia. The end value of the project, once built and let, is estimated by the propertyadviser, at US$117* million, structured to produce a net yield to Raven Russiaof approximately 13.01%* once it has acquired the JV's partner's share of theproject on completion. The property will be constructed to Grade A westernstandards and will be built in two phases. It is intended Phase 1 will becompleted by the end of 2008 and Phase 2 by Q2 2009, depending on tenant demand. \* This should not in any way be construed as a profit forecast or an indicationof future performance for Raven Russia For further information: Jeremy Carey/Richard Sunderland Nick Westlake Tavistock Communications Numis Securities Ltd Tel: (0) 20 7920 3150 Tel: (0) 20 7260 1345 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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