Jones Lang LaSalle Capital Markets, Russia & CIS have successfully structured a joint venture between the UK based property investment company Raven Russia and the Turkish developer and logistics operator EGL Holdings. Jones Lang LaSalle represented Raven Russia in the deal.
The joint venture will enable the development of a Class A, 55,000-m² logistics complex near Sheremetyevo Airport (Moscow). The value of the deal is US$56 million (approx. €39 mln) which represents a 12% capitalization rate.
The forward funding transaction envisages a 50-50 stake of both companies with Raven Russia acquiring 50% on completion and leasing of the project.
The complex will have a prominent location to the North-West of Moscow close to Sheremetyevo International Airport. The project is forecast to sustain stable demand amongst tenants due to its proximity to the major terminal for bulk air-cargo from Western and Eastern Europe and convenient juxtaposition on the main transport route via Leningradskoe highway.
Michael Lange, Chairman Jones Lang LaSalle, Russia and CIS: "We were pleased to have been able to create this opportunity for both parties and help them in meeting their strategic objectives."
Source: Jones Lang LaSalle