Raven Russia, the only UK-listed property company focused entirely on investment in industrial property in Russia, has signed a EUR 20 mln joint venture agreement with Aldama (Overseas) to develop a 32,500 m[sup]2[/sup] logistics and office centre in Russia.
Raven Russia, the only UK-listed property company focused entirely on investment in industrial property in Russia, has signed a EUR 20 mln joint venture agreement with Aldama (Overseas) to develop a 32,500 m2 logistics and office centre in Russia.
Raven said it was taking a 50% stake in the venture that owns the site on the edge of St Petersburg. On completion the project will be worth EUR 35 mln, providing an estimated yield of 17%.
Earlier this month, Raven indicated it was forward-funding the development of a 222,965 m2 logistics warehouse in southern Russia. It to invest £87 mln (EUR 129 mln) to develop the first of 14 logistics warehouses across Russia and the Commonwealth of Independent States as part of a joint venture with Russian logistics operator the Avalon Group. A subsidiary of the Avalon Group, Avalon Logistics, will occupy 45,000 m2 at the scheme on a 10-year lease. The project is estimated to have an end value of EUR 156 mln.
