Moscow, 19 July 2012. The Board of Raven Russia is pleased to announce two acquisitions close to Moscow. A subsidiary of the Company has signed contracts to acquire a 45,237 square metres completed grade A warehouse at Sholokhovo, on Dmitrov Shosse to the North of Moscow from a fund managed by Fleming Family and Partners for a consideration of $49.75m. The property is let to two tenants, Kuehne + Nagel and Perekrestok (part of X5 Retail). Jones Lang LaSalle is a consultant of this deal.
In a separate transaction a subsidiary of the Company has signed contracts to acquire 38ha of zoned development land at Padikovo, on the Nova Riga Shosse, to the north west of Moscow for $23m. The Company intends to construct up to 200,000 square metres of new warehousing on the site, subject to obtaining detailed consents, tenant demand and development funding. Discussions with a potential bank are already in progress for development finance.
Glyn Hirsch, Chief Executive of Raven Russia said: "Sholokhovo is well located Grade A warehouse in Moscow, with two strong tenants. The acquisition will be earnings enhancing from day one and is partly funded by an attractive long term debt facility. The Padikovo development will allow us to increase the size of our Moscow portfolio by over 20% in a location close to our existing Istra project where we know tenant demand is strong".
Source: Jones Lang LaSalle