AIM-listed, Guernsey-based property investor Raven Russia has announced the pre-leasing of 50% of the third phase of its 200,000 m[sup]2[/sup] warehouse development at Istra, Moscow. Preliminary agreements have been signed to let 25,658 m[sup]2[/sup] of the total 50,000 m[sup]2[/sup] to Seacon Logistics for a seven-year term at a higher-than-expected rent. The building is scheduled to be completed at the end of 2008.
AIM-listed, Guernsey-based property investor Raven Russia has announced the pre-leasing of 50% of the third phase of its 200,000 m2 warehouse development at Istra, Moscow. Preliminary agreements have been signed to let 25,658 m2 of the total 50,000 m2 to Seacon Logistics for a seven-year term at a higher-than-expected rent. The building is scheduled to be completed at the end of 2008.
The latest lease agreement at Istra further confirms the strong demand for the development. The 50,000 m2 first phase was completed at the end of 2007 and has seen 34,140 m2 leased to Russian-based Interleasing, a logistics operator specialising in the pharmaceuticals sector, for a 10-year term at a rent of around $ 128 per m2 (EUR 81 per m2). The remaining 15,800 m2 was leased to Bacardi for seven years. Global logistics operator DSV has leased the entire 52,000 m2 second phase for a 10-year term, with the building due for completion this month.
