Raven Russia seals jv for St Petersburg warehousing

  Raven Russia, the AIM-listed investor spun out of Anton Bilton’s Raven Mount, has signed a joint venture for a warehouse development in St Petersburg.   The Guernsey-registered group has signed agreements to develop and forward fund up to 1.76m sq ft of warehouse and logistics space in a 50:50 development with Venture Investments & Yield Management.   The site is located in the Shushari district of St Petersburg.   The end value of the project is estimated at $216m (£108m), structured to produce a net yield of 12%.   The property will be built in three phases, with the first phase of 560,000 sq ft already on site and for completion in the final quarter of 2008.    Anton Bilton, executive chairman of Raven Mount, said:  “This is another substantial acquisition which adds to the company’s pipeline of projects in Russia.”    paul.norman@egi.co.uk