Raven Russia plans to acquire a 213,000 m[sup]2[/sup] logistics complex near Moscow for $215 mln (EUR 165 mln) in cash.
Raven Russia plans to acquire a 213,000 m2 logistics complex near Moscow for $215 mln (EUR 165 mln) in cash.
The London-listed developer and investor in Russian logistics has announced that its wholly-owned subsidiary, Padastro Holdings, had entered into a conditional agreement with German company PLP Holding to purchase Toros, the vehicle that owns the Pushkino Logistics Park.
Raven Russia said the transaction will be partially funded by a $129 mln (EUR 97 mln) debt facility secured against Pushkino. An additional EUR 78 mln will be raised through the placement and open offer of 48 million new preference shares at 134 pence each.
Pushkino is a modern Class A logistics complex which was completed in 2007. It consists of three warehouses and two infrastructure buildings on a single site, with lettable space of 213,000 m2 on 35 hectares of land. It is located to the north east of Moscow city centre, approximately 15 km from the Moscow Ring Road.
The facility is 99% let and generates an annual rent of EUR 18.6 mln, reflecting a stabilised yield of 11.5%. The tenants include Auchan, DHL, Leroy Merlin and NLC.
Raven Russia had EUR 800 mln of existing logistics assets under management at end-2011.
