Raven Russia signs $53.2 mln loan facility agreement with IFC for construction of a logistics complex in Kiev

Raven Russia, the Guernsey-registered, AIM-listed property investment group, focused on warehouses in Russia and Ukraine, announces that it has a signed a $53.2m loan facility agreement with the International Finance Corporation (IFC), part of the World Bank Group. The facility will be used to finance construction of 85,000 sqm of new warehousing and the refurbishment of 16,000 sqm of existing warehouse facilities as part of the first phase of the Kalyinivka Logistic JV project in Kiev, Ukraine.
The facility comprises IFC's committed funds of $28.5m with the remaining $24.7m currently being syndicated. The facility has a term of 7 years with a margin over US LIBOR of below 5%. This is Raven Russia's first project facility with IFC and marks the beginning of a relationship that both parties wish to develop further as Raven Russia continues its geographic expansion across the Russian Federation.
Together with previously announced construction finance commitments, total construction finance available to the group is $301m at an average weighted total interest cost to the group of 7.35%, based on current cost of funds.
Raven Russia has existing investment finance drawn of US$179 million at an average weighted cost to the Group of 6.6%.