8th Dec 2005 07:00
Raven Russia LimitedPurchase of Krekshino Logistics Park, MoscowThe Board of Raven Russia Ltd is pleased to announce that it has exchangedcontracts to forward fund and commit to buy a complex of four freehold Grade A,logistics warehouses on the outskirts of Moscow from RosEuro Developments.In aggregate they comprise 114,000 sqM (1,190,000 sq.ft.) and the purchaseprice will be in the region of $110m (circa $90 sq ft). Gross rents are in theregion of $130-$140 sqM.Approximately 50% of the project will be pre-leased to NLC ("National LogisticsCompany" the leading Russian logistics operator in which CVC recently invested$50m), and the remaining 50% will be let in the open market.Phase 1 of the logistics park will be complete in January 2006 with the finalpart of the complex expected to be complete and income producing by the firstquarter of 2007.Anton Bilton, Chairman, Raven Mount Plc, (Property Advisor to Raven Russia)commented:"This is an excellent transaction in terms of size and yield and underlines ourability to make tangible progress in this currently nascent and developingmarket."Adrian Collins, Chairman, Raven Russia Ltd, commented:"We are delighted with this Grade A acquisition and are extremely excited aboutour current deal pipeline where we have further similar acquisitions insolicitors hands."Knight Frank acted as advisors to Raven Russia Ltd.8 December 2005Enquiries:Raven Mount Plc 0207 235 0422 Hansard Communications 0207 245 1100 Nicholas Nelson/Adam Reynolds ENDRAVEN RUSSIA LTDRelated Shares:
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