Property investment company Raven Russia has agreed to fund and develop a $56 mln warehouse near Sheremetyevo, Moscow's second-biggest airport, in a venture with Turkey's EGL Holdings. The 55.000 m[sup]2[/sup] site is due for completion in the third quarter of 2008.
Property investment company Raven Russia has agreed to fund and develop a $56 mln warehouse near Sheremetyevo, Moscow's second-biggest airport, in a venture with Turkey's EGL Holdings. The 55.000 m2 site is due for completion in the third quarter of 2008.
EG Logistics has agreed to lease about 60% of the space for at least five years. The AIM-listed company and EGL will each own half of the venture during construction. Raven Russia expects a net yield of 13% once it has acquired its partner's interest in the scheme on completion.
