13th Mar 2007 09:39
Raven Russia Limited13 March 2007 13 March 2007 RAVEN RUSSIA LIMITED (the 'Company' or 'Raven Russia') Forward Funding and 60% prelet of a new Logistics complex in Moscow, Russia The Board of Raven Russia is pleased to announce a further transaction inMoscow, Russia. Raven Russia has entered into conditional legal contracts to forward fund anddevelop a 55,000 square metre (592,000 square feet) logistics and distributioncomplex in a 50:50 joint venture with a Turkish partner, EGL Holdings, adiversified investment company with interests in commercial real estate,logistics and fast-moving consumer goods. The project will be built on a 10ha (25 acre) plot of land to the north ofMoscow just outside the MKAD (the orbital motorway) and close to SheremetevoAirport. The project is 60% pre-let to EG Logistics on a five-year lease, without break,and at a market rent. EG Logistics has a substantial business in Turkey and isan experienced third party logistics operator. The end value of the project, once built and let, is estimated at US$56 million,structured to produce a net yield to Raven Russia of approximately 13% once ithas acquired the JV's partner's share of the project on completion. The property will be constructed to Grade A western standards and will becompleted in two phases. It is intended Phase 1 will be completed by the end of2007 and Phase 2 by Q3 2008. Enquiries: Tavistock Communications: (0) 20 7920 3150Jeremy Carey / Richard Sunderland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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