Raven Russia, the AIM-listed property investment group focussed on warehouses in Russia and Ukraine, has announced the signing of a 5-year term loan facility agreement for $89mln (EUR 60.5mln) with Aareal Bank.
Raven Russia, the AIM-listed property investment group focussed on warehouses in Russia and Ukraine, has announced the signing of a 5-year term loan facility agreement for $89mln (EUR 60.5mln) with Aareal Bank.
The 70% loan to value facility will be used to refinance the completed and fully let first and second phases totalling just under 100,000 m2 of the 205,000-m2 Istra warehouse complex in western Moscow.
Raven Russia said that this was its first facility with Aareal, but the bank intends to finance the remaining third, fourth and fifth phases of the project on the same commercial terms once they are completed.
Together with current drawn investment debt, total investment debt available and drawn to the group is $267.5mln at an overall average weighted cost of 6.68% including fees. Raven Russia expressed confidence it will be announcing further investment debt commitments later in the year.
The company has additional total development finance committed facilities signed to date of $279mln at a blended cost of 9%.
Raven Russia has invested in a pipeline of projects with an estimated end value of $2.4bn in Russia and Ukraine since July 2005.
