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Fund Raven Russia building a warehouse property in Russia, sold the warehouse project "Baltic" near Moscow to Cyprus company Casebre Holdings Limited for $ 42 million, said Raven today.
The project includes storage space of class A with area of about 28.000 square meters, located near the Moscow Ring Road.
The purchase price represents a 48-percent premium to the assessment made by the company on December 31, 2009. After the payment of current debts to banks of $ 22.3 million mortgage on the property which was for sale "Baltic" will bring the company $ 19.7 million - reported Raven.
Closing is expected during the fourth quarter of 2010.
Raven has acquired the property in 2005, and in 2009 received an operating revenue of $ 3 million.
The annual loss of Raven in 2009 totaled to $ 139.3 million, and total loss from revaluation of investment properties - $ 108.5 million.
Raven Russia portfolio includes more than 10 warehouses located in Moscow, Moscow region, St. Petersburg, Rostov and Novosibirsk.
Evaluation of Raven Russia portfolio at 31 December 2009 amounted to $ 879 million.
Fund Raven Russia established the British investment companies Raven Mount for investment in Russian warehouses.
The project includes storage space of class A with area of about 28.000 square meters, located near the Moscow Ring Road.
The purchase price represents a 48-percent premium to the assessment made by the company on December 31, 2009. After the payment of current debts to banks of $ 22.3 million mortgage on the property which was for sale "Baltic" will bring the company $ 19.7 million - reported Raven.
Closing is expected during the fourth quarter of 2010.
Raven has acquired the property in 2005, and in 2009 received an operating revenue of $ 3 million.
The annual loss of Raven in 2009 totaled to $ 139.3 million, and total loss from revaluation of investment properties - $ 108.5 million.
Raven Russia portfolio includes more than 10 warehouses located in Moscow, Moscow region, St. Petersburg, Rostov and Novosibirsk.
Evaluation of Raven Russia portfolio at 31 December 2009 amounted to $ 879 million.
Fund Raven Russia established the British investment companies Raven Mount for investment in Russian warehouses.
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