Industrial developer Raven Russia has secured a $53.2m (£27.12m) loan facility to begin work on a 1,076,426 sq ft logistics park in Kiev, Ukraine.
The AIM-listed property investment group has signed the agreement with the International Finance Corporation, part of the World Bank Group.
It will be used to finance construction of 9,149,623 sq ft of new warehousing and the refurbishment of 172,0228 sq ft of existing facilities as part of the first phase of the Kalyinivka Logistic JV.
The facility, Raven Russia’s first with IFC, comprises committed funds of £14.53m with the remaining $12.59m currently being syndicated.
It brings total construction finance available to the group to £153m at an average weighted total interest cost to the group of 7.35%. Raven Russia has existing investment finance drawn of £91.25m, at an average weighted cost to the group of 6.6%.
Anton Bilton, chairman of Raven Mount, the property adviser to Raven Russia, said: “This demonstrates Raven Russia’s ability to expand into former CIS countries and its continuing success in raising finance for quality projects at competitive rates.”
Richard Jewson, chairman of Raven Russia, added: “This is Raven Russia’s first project with IFC and we are keen to develop a strong relationship as we expand into the Ukraine and the Russian regional cities.”
