23rd Apr 2008 07:00
Raven Russia Limited23 April 2008 23 April 2008Embargoed 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, announces that it has signed a €49.1million construction facility agreement with HSH Nordbank AG. The senior debtfacility will be used to finance the first phase of the 275,000 sq m Noginsklogistics project in Eastern Moscow. The facility comprises HSH Nordbank committed funds of €49.1 million for the110,000 sq m first phase of the development joint venture. The facility has aterm of eighteen months with a margin over Euribor of below 5%. This is RavenRussia's fourth project finance facility with HSH Nordbank AG. Together with the recently announced VTB Europe construction finance facility,this brings the total construction finance available to the Group to US$248million at a weighted average total interest cost to the Group of 7.7%, based oncurrent cost of funds. Raven Russia has existing investment finance drawn ofUS$179 million at an average weighted margin of 6.6%. Anton Bilton, Chairman of Raven Mount, the Property Adviser to Raven Russia said:"We have now drawn or signed facilities on a total of US$427 million over thepast four months. This is a reflection of a quality of Raven Russia's projectsand the opportunity that exists in the warehouse sector". Richard Jewson, Chairman of Raven Russia added: "We have developed strongrelationships with a number of banks and this deal represents our fourth withHSH Nordbank. We are delighted to have signed with them and expect to startdrawing on the facility during the summer". Peter Axmann, Deputy Head of Real Estate at HSH Nordbank said: "We consider thistransaction attractive due to the projected market demand, location, propertyconcept and the proven professional skills of the parties involved. After twoyears of successful co-operation where several loans were closed, the closing ofthe Noginsk Construction Loan underlines the deep business relationship betweenRaven Russia and HSH Nordbank. We believe that this transaction will be followedby further projects in the future." Enquiries: Numis Securities LimitedRupert Kefting Tel: +44 (0) 207 260 1000Nick Westlake Tavistock Communications:Jeremy Carey Tel: +44 (0) 207 920 [email protected] HSH Nordbank AG Tel: +49 40 33 33 14822Immo von Homeyer Fax: +49 40 33 33 [email protected] 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 US$2.4 billionin Russia and Ukraine. Raven Russia has an equity base of over US$900 millionand has appointed RRPM a subsidiary of Raven Mount plc as its Property Adviser.Further information available at www.ravenrussia.com. HSH Nordbank AG is a major regional bank in Northern Europe with total assets of€205 billion. Some 4,800 of the bank's employees provide corporate and highnet-worth clients around the globe with premium bank products and services. Inits core region of Hamburg and Schleswig-Holstein, it is the market leader inthe corporate customer segment. HSH Nordbank is an acknowledged partner of thecapital markets and international sector specialist. Its main focus is ontransportation and real estate. HSH Nordbank is the world's largest provider ofship finance and covers the entire value chain in the transportation segment. Inthe area of real estate, HSH Nordbank is one of the strongest banks in Germany,acting as a provider of services relating to all aspects of real estate. Furtherinformation is available at www.hsh-nordbank.de. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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