AIM-listed Raven Russia said it is planning to enter Ukraine with the development of a 20-hectare logistics park in Kiev, Ukraine. The Russian investment company said during the presentation of its half-year results on Wednesday that it will seek shareholders' approval for the development.

AIM-listed Raven Russia said it is planning to enter Ukraine with the development of a 20-hectare logistics park in Kiev, Ukraine. The Russian investment company said during the presentation of its half-year results on Wednesday that it will seek shareholders' approval for the development.

'We have been offered an attractive deal in Kiev, Ukraine. The proposal is to develop jointly a site of around 20 ha with an experienced local partner into a Grade A logistics park of around 100,000 m2 with a pre-let of at least 40% of the proposed floor space. Construction finance has also been negotiated,' said chairman Richard Jewson. 'The market in the Ukraine is not dissimilar to Russia and we believe there is the potential to make other complementary acquisitions in the short term,' he added.

Pre-tax profit for the first half came in at £32 mln (EUR 47 mln), mainly due to the revaluation of the company's investment assets. The company has a total of $1.9 bn (EUR 1.38 bn) committed to all projects, and posted a 22% rise to $265 mln in its investment portfolio for the first six months of 2007.