Raven Buys $50 Mln Moscow Warehouses

Raven Russia Limited, a U.K. registered class-A warehouse complex owner and developer, has acquired the Sholokhovo premium warehouse near Moscow for $49.75 million, the firm said on Wednesday.

The leasable area of Sholokhovo amounts to 45,237 square meters, generating an income of $5.85 million in next 12 months, the company said in a statement.

Raven also purchased 38 hectares of land near the Moscow region village of Padikovo for $23 million to build 200,000 square meters of warehouses there. The company is holding talks on raising a loan to finance construction.

“Sholokhovo is a well-located Grade A warehouse in Moscow, with two strong tenants. The acquisition will be earnings enhancing from day-one and is partly funded by an attractive long-term debt facility,” Raven Russia CEO Glyn Hirsch said. “The Padikovo development will allow us to increase the size of our Moscow portfolio by over 20 percent, in a location close to our existing Istra project where we know tenant demand is strong.”

In May, Raven announced plans to acquire the Pushkino logistics park near Moscow for $215 million. The park’s leasable area stands at 213,000 square meters, giving an annual income of $24.75 million.

Raven Russia operates nearly one million square meters of class-A warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and also holds 368 hectares of land across Russia and the CIS for future development.

 

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