Raven Russia, the AIM-listed Russian development company spin-off from Anton Bilton’s Raven Mount, announced its first major acquisition this morning.
The group said this morning that it had exchanged contracts to forward fund and buy the 1.19m sq ft Krekshino Logistics Park on the outskirts of Moscow for around $110m (£63m).
Raven bought the four freehold Grade A logistics warehouses from RosEuro Developments at a price equating to around $90 per sq ft (£51 per sq ft).
Gross rents are around £6.96 – £7.43 per sq ft.
Around 50% of the project will be prelet to Russian logistics operator National Logistics Company, while the remaining 50% will be let in the open market.
The first phase of the logistics park will be complete in January 2006 with the final part of the complex expected to be complete and income producing by the first quarter of 2007.
Anton Bilton, chairman of Raven Mount, said “This is an excellent transaction in terms of size and yield and underlines our ability to make tangible progress in this currently nascent and developing market.”
Adrian Collins, chairman, Raven Russia, said: “We are delighted with this Grade A acquisition and are extremely excited about our current deal pipeline where we have further similar acquisitions in solicitors’ hands.”
Raven Russia made its £153m debut on AIM in September.
Knight Frank advised Raven Russia.
References: EGi News 08/12/05
