12th Nov 2007 07:00
Raven Russia Limited12 November 2007 Embargoed 7am12 November 2007 RAVEN RUSSIA LIMITED (The 'Company' or 'Raven Russia') FURTHER TRANSACTION FOR RAVEN RUSSIA IN KIEV Raven Russia Limited, the Guernsey registered, AIM listed property investmentcompany, announces a new transaction in the Kiev region, Ukraine. Raven Russia has acquired a 50% stake in a development project, located by themain Kiev Odessa highway approximately 25km from Kiev. The joint venture owns a19 ha site, on which it will develop a warehouse and logistics complex which,when completed, will total approximately 100,000 sqm. The land is already zonedfor industrial development. The joint venture partner is Asnova Holding, which last year sold a substantialstake in its local health and beauty retail business to AS Watson. Asnova alsoowns Komora - S, the leading logistics operator in the Ukraine and Savservice,the leading Ukrainian distributor of Procter and Gamble products. Komora - S hasagreed to pre-let approximately 40,000 sqm for a term of seven years. The end value of the project, once built and let, is estimated by the PropertyAdviser to be almost $100million, structured to produce a net yield to RavenRussia of approximately 14%* once it has acquired the JV's partner's share ofthe project on completion. The property will be constructed to Grade A westernstandards and is intended to be completed by the end of 2009. The extension of Raven Russia's investment remit to the Ukraine was approved atan EGM on 27 September 2007. Raven Russia now has a total of over $2billion commited to all projects. \* This should not in any way be construed as a profit forecast or an indicationof future performance for Raven Russia. Enquiries: Tavistock CommunicationsJeremy Carey/Rachel Drysdale Tel: +44 (0) 207 920 3150 Numis Securities LimitedBruce Garrow Tel: +44 (0) 207 260 1000 Investec Administration Services Limited Tel: +44 (0) 1481 750507 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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