15th Apr 2008 07:00
Raven Russia Limited15 April 2008 15 April 2008 RAVEN RUSSIA LIMITED ("the Company" or "Raven Russia") PRE-LETTING OF 25,658 SQ M WAREHOUSE IN MOSCOW Raven Russia Limited, the Guernsey registered, AIM listed property investmentcompany, announces the pre-letting of 50% of Phase Three of its 200,000 sq m(2.15 million sq ft) warehouse development at Istra, Moscow. Raven Russia has signed preliminary agreements to let 25,658 sq m (278,000sq ft)of the 50,000 sq m (538,000 sq ft) third phase at Istra to Seacon Logistics, aEuropean logistics operator, for a seven-year term, at a rent ahead ofexpectations. The building is due for completion by the end of 2008. Significant progress has been made at Istra; the Company has let 34,140 sq m(368,000 sq ft) of the 50,000 sq m first phase completed at the end of 2007, toInterleasing, a Russian logistics operator specialising in the pharmaceuticalssector, at a rent of around US$128 per sq m for a term of ten years. A lettingof the balance of 15,800 sq m (170,000 sq ft) to Bacardi for seven years hasalso been signed. The 52,000 sq m (560,000 sq ft) second phase has been let in its entirety to DSVSolutions, a global logistics operator, for a ten-year term. The building is dueto be completed at the end of this month (April). Anton Bilton, Chairman of the Property Adviser to Raven Russia commented: "Thisis yet another substantial pre-let of our Istra project at a very good rent on along term lease. It confirms our confidence in both the location and the demandfor warehouse accommodation". Richard Jewson, Chairman of Raven Russia commented: "Having already agreedlettings for some 128,000 sq m (1.377 million sq ft) we are very pleased withthe progress being made at Istra. This further underlines the strength of demandfor this type of property and is a strong endorsement of our business strategy". Enquiries: Tavistock CommunicationsJeremy Carey Tel: +44 (0) 207 920 3150 Numis Securities LimitedNick Westlake/Rupert Kefting Tel: +44 (0) 207 260 1000 Notes to Editors: Seacon Logistics is a European supply chain manager with a maritime orientation.In close cooperation with key partners in the world's major ports, SeaconLogistics handles every aspect of import, export, forwarding and warehousing offull containers, project and part loads as well as air cargo (IATA license).Seacon Logistics is based on multimodal inland terminals in Holland, Germany andRussia and employs 450 people directly (and more than 1100 people indirectly). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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