AIM-listed Raven Russia said that is has signed a EUR 49mln construction facility agreement with German bank HSH Nordbank. The facility will be used to finance the first phase comprising some 110,000 m[sup]2[/sup] of the 275,000 m[sup]2[/sup] Noginsk logistics project in Eastern Moscow.
AIM-listed Raven Russia said that is has signed a EUR 49mln construction facility agreement with German bank HSH Nordbank. The facility will be used to finance the first phase comprising some 110,000 m2 of the 275,000 m2 Noginsk logistics project in Eastern Moscow.
The facility has a term of 18 months with a margin over Euribor of below 5%. This is Raven Russia's fourth project finance facility with HSH Nordbank.
Together with the recently announced VTB Europe construction finance facility, this brings the total construction finance available to the group to $248 mln (EUR 155mln) at a weighted average total interest cost to the group of 7.7%, based on current cost of funds. Raven Russia has existing investment finance drawn of EUR 112mln ($179 mln) at an average weighted margin of 6.6%.
Richard Jewson, chairman of Raven Russia said: 'We have developed strong relationships with a number of banks and this deal represents our fourth with HSH Nordbank. We are delighted to have signed with them and expect to start drawing on the facility during the summer.'
