28th Jan 2008 07:00
Raven Russia Limited28 January 2008 28 January 2008 RAVEN RUSSIA LIMITED ("Raven Russia" or "the Company") RAVEN RUSSIA COMPLETES AND LETS FIRST PHASE OF MOSCOW WAREHOUSE DEVELOPMENT Raven Russia (AIM: RUS), the Guernsey registered AIM listed property investmentcompany focussed on warehouses in Russia, announces that it has completed andlet approximately 70% of the 50,000 sq m (538,000 sq ft) first phase of its200,000 sq m (2.15 million sq ft) logistics development at Istra, Moscow. The Company has let 34,140 sq m (368,000 sq ft) of the first phase toInterleasing, a Russian logistics operator specialising in the pharmaceuticalssector, at an annual rent of USD4.31 million equating to USD126 per sq m (around 9% ahead of the budgeted rent). A Letter of Intent (LOI) has also been signed with another party for letting theremainder of the phase totalling 15,800 sq m (170,000 sq ft) and the Companyanticipates signing a lease within the next month. The second phase of the development totalling 50,000 sq m (538,000 sq ft) is duefor completion in April 2008. A LOI has been signed for the whole of this phase,and the Company expects to sign an agreement to lease before construction iscompleted. Raven Russia has also commenced construction of the third phase of 50,000 sq m,with completion expected in Q4 2008. It is anticipated that the final 50,000 sqm phase of the development will be completed in Q2 2009. Following the signingof these agreements on the initial phases, the Company remains confident ofachieving its targeted yield on cost of 12% of the whole project. Raven Russia has a total of over USD2 billion invested or committed to existingprojects. Richard Jewson, Chairman of Raven Russia, said: "Phase 1 of our Istra project isanother example of our team's ability to deliver developments on time andbudget. With rental levels achieved above our expectations, and with a tenantclose to signing on the second phase, which is also advancing well, we are verypleased with progress to date. Overall, this not only underlines the strength ofdemand in the logistics sector in Russia but confirms our business strategy." Enquiries: Numis Securities LimitedBruce GarrowAnthony Richardson Tel: +44 (0) 207 260 1000 Tavistock Communications:Jeremy Carey / Rachel Drysdale Tel: +44 (0) 207 920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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