UK firm to fund Russian logistics warehouse

Raven Russia, the only UK-listed property company focused entirely on investment in industrial property in Russia, is to forward-fund the development of a 222,965 m[sup]2[/sup] logistics warehouse in southern Russia, Property Week reported. Raven is to invest £87 mln (EUR 129 mln) to develop the first of 14 logistics warehouses across Russia and the Commonwealth of Independent States as part of a joint venture with Russian logistics operator the Avalon Group. A subsidiary of the Avalon Group, Avalon Logistics, will occupy 45,000 m[sup]2[/sup] at the scheme on a 10-year lease. The project is estimated to have an end value of EUR 156 mln.

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