AIM-listed property developer Raven Russia has signed a $ 53mln loan facility agreement with the International Finance Corporation (IFC), part of the World Bank Group. The company, which focuses on warehouses in Russia and Ukraine, said the facility will be used to finance the construction of 85,000 m[sup]2[/sup] of new warehousing space as well as to refurbish an existing 16,000 m[sup]2[/sup] warehouse facility as part of its Kalyinivka Logistic joint venture project in Kiev, Ukraine. The loan, with a term of seven years, comprises IFC's committed funds of $28.5mln with the remaining $25mln currently being syndicated.
AIM-listed property developer Raven Russia has signed a $ 53mln loan facility agreement with the International Finance Corporation (IFC), part of the World Bank Group. The company, which focuses on warehouses in Russia and Ukraine, said the facility will be used to finance the construction of 85,000 m2 of new warehousing space as well as to refurbish an existing 16,000 m2 warehouse facility as part of its Kalyinivka Logistic joint venture project in Kiev, Ukraine. The loan, with a term of seven years, comprises IFC's committed funds of $28.5mln with the remaining $25mln currently being syndicated.
Raven Russia said the loan facility with IFC marked the beginning of a relationship that both parties wish to develop further. Together with previously announced construction finance commitments, the group has total construction finance available of $ 30mln.
'This is Raven Russia's first project with IFC and we are keen to develop a strong relationship as we expand into the Ukraine and the Russian regional cities,' said Richard Jewson, chairman of Raven Russia.
Raven Mount acted as adviser to Raven Russia.
