13th Aug 2008 07:00
RAVEN RUSSIA LIMITED ("Raven Russia", the "Company") New Project Investment Finance Facility Signed
Raven Russia, the Guernsey-registered, AIM-listed property investment group, focused on warehouses in Russia and Ukraine, announces that it has signed a 5 year term loan facility agreement for $89 million with Aareal Bank AG.
The 70% loan to value facility will be used to refinance the completed and fully let first and second phases (99,866 sqm) of the 205,000 sqm Istra warehouse complex in western Moscow. This is Raven Russia's first facility with Aareal Bank. It is currently Aareal's intention to finance the remaining third, fourth and fifth phases of the project on the same commercial terms once they are completed.
Together with current drawn investment debt, total investment debt available and drawn to the group is $267.5m at an overall average weighted cost of 6.68% including fees. Raven Russia remains confident of announcing further investment debt commitments later in the year The Group has additional total development finance committed facilities signed to date of $279m at a blended cost of 9%.
Anton Bilton, Chairman of Raven Mount, the Property Adviser to Raven Russia said: "The Group continues to demonstrate that high quality, International standard assets can attract competitive debt terms in these uncertain times".
Richard Jewson, Chairman of Raven Russia, added: "We are very pleased to have completed our first financing project with Aareal Bank and look forward to building our relationship as we roll out the remainder of the Istra project over the coming few months". Karl Wilson, Managing Director of Aareal Bank's operations in CEE & Russia added "The overall strength of Raven Russia's Istra project makes it an attractive financing transaction for Aareal Bank in the current credit climate. We continue to be excited about further developing our relationship with Raven Russia in the future".
Further enquiries:
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Raven Russia Limited
Richard Jewson, Chairman
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Tel: +44 (0)1603 757 909
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Numis Securities Limited
Nick Westlake (Nominated Adviser)
Rupert Krefting (Corporate Broker)
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Tel: + 44 (0)20 7260 1000
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Bell Pottinger Corporate & Financial
Charles Cook
Mike Davies
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Tel: +44 (0)20 7861 3232
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Notes to Editors
Raven Russia is a leading UK listed property investment and development company focused on warehouses in Russia. Since its inception in July 2005 it has invested in a pipeline of projects with an estimated end value of $2.4bn in Russia and Ukraine. Raven Russia has an equity base of over $900m and has appointed RRPM, a subsidiary of Raven Mount plc, as its Property Adviser. See www.ravenrussia.com
Aareal Bank AG is one of the leading international specialist property banks. The Aareal Bank share is included in Deutsche Börse's mid-cap MDAX index. Aareal Bank operates on three continents: leveraging its successful European business model, the bank has established similar platforms in North America and in the Asia-Pacific region. It provides property financing solutions in more than 25 countries.
ENDS
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