Raven Russia lets part of new Moscow logistics centre

AIM-listed warehouse property company Raven Russia has announced that Interleasing, a Russian logistics operator specialising in the pharmaceuticals industry, is leasing 34,000 m² of completed space at Raven Russia's 200,000 m² logistics development in the Istra district of Moscow.

The letting accounts for 70% of the total of 50,000 m² of space provided by the first phase of the development. Raven Russia said the space is being let at an annual rent of $4.31 mln (almost EUR 3 mln), equal to $126 per square metre. This is 9% more that the budgeted rent.

Raven Russia said that a letter of intent (LOI) has also been signed with another party for the remaining 15,800 m² of the first phase and a lease would be signed before the end of February.

A LOI has been signed for the entire 50,000 m² of the second phase, whcih is due for completion next April. Construction has begun on the third 50,000 m² phase and Raven Russia said the final phase will be completed in the second quarter of 2009. 'Following the signing of these agreements on the initial phases, the company remains confident of achieving its targeted yield on cost of 12% of the whole project,' Raven Russia said.

Guernsey-registered Raven Russia has a total of over $2 bn invested or committed to existing projects in Russia.