28th Mar 2008 07:01
Raven Russia Limited28 March 2008 28 March 2008Under Embargo 0700hrs RAVEN RUSSIA LIMITED (The 'Company' or 'Raven Russia') New Project Finance Facility Signed Raven Russia (AIM: RUS), the Guernsey-registered, AIM-listed property investmentgroup, focused on warehouses in Russia, announced that it has signed a $170mconstruction and term loan facility agreement with VTB Bank Europe Plc (VTBE). The senior debt facility with its Megalogix warehouse joint venture will be usedto finance the 200,000 sq m Rostov logistics project in southwest Russia. The facility comprises VTBE-committed funds of $100 million to fund 75% loan tocost for the first phase of the Rostov project, and an additional option of anuncommitted $70 million to fund 75% loan to cost for the second phase of theproject. The facility is for seven years (including the construction period)and, based on current LIBOR rates, is at an overall interest cost to the JV ofbelow 7%. The VTBE facility comprises part of the overall $213 million of constructionfinance that the Company indicated it was finalising when it announced its finalresults on 10 March 2008. Despite the global credit crisis, the Property Adviserremains confident of announcing further senior debt commitments shortly in orderto achieve this target. Anton Bilton, Chairman of the Property Adviser said: "In the current global environment this is excellent news and reflects thecontinued attraction of our strategy and Russia as a business arena. It alsoreinforces the merits of the emerging markets against traditional markets thatare declining". Steve Thunem, Head of Global Markets of VTB Bank Europe said: "Only the strongest projects present viable financing opportunities due to thedifficult conditions prevailing in the financial markets. We believe that thequality of this project and the professional approach of Raven Russia willensure that this is an attractive project for the international banking market". Enquiries: Numis Securities LimitedBruce GarrowNick Westlake Tel: +44 (0) 207 260 1000 Tavistock Communications:Jeremy Carey Tel: +44 (0) 207 920 3150 Notes for Editors Raven Russia is a leading UK listed property investment and development companyfocused on warehouses in Russia. Since its inception in July 2005 it hasinvested in a pipeline of projects with an estimated end value of $2.4 billionin Russia and Ukraine. Raven Russia has an equity base of over $900 million andhas appointed RRPM a subsidiary of Raven Mount plc as its Property Adviser. VTB Bank Europe plc is a leading arranger of financings for major companies inRussia. As of 30 June, 2007, the Bank had total assets in excess of GB£3.4billion (unaudited). VTB Bank Europe plc is a UK registered, Russian-owned Bankand is authorised and regulated by the Financial Services Authority. The Bankhas offices in London, Singapore, and Moscow. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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