Raven Russia, the Guernsey-registered, AIM-listed property investment group, said on Thursday that its Megalogix warehouse joint venture has signed a $95 mln (EUR65 mln) loan facility agreement with the International Finance Corporation (IFC), part of the World Bank Group.
Raven Russia, the Guernsey-registered, AIM-listed property investment group, said on Thursday that its Megalogix warehouse joint venture has signed a $95 mln (EUR65 mln) loan facility agreement with the International Finance Corporation (IFC), part of the World Bank Group.
The facility will be used to finance the joint venture's logistics project in Novosibirsk, the largest city in Siberia and the third-largest in Russia after Moscow and St Petersburg. The project will have a lettable area of approximately 121,000 m2. Construction is well under way with completion targeted for the end of this year.
The loan is the second to be arranged with the IFC, following the Kalyinivka Kiev project finance facility announced in June. Together with the previously announced construction finance commitments, including debt acquired with existing projects, total construction finance available to the group is $374 mln at an average weighted total interest cost of 9.31% including fees.
