Raven Buys Warehouse for $216M

British property firm Raven Russia said Monday that it concluded the purchase of the 164,000-square-meter AKM Logistics warehouse complex in St. Petersburg for $216 million.

The investment is the largest purchase of a single building in the city's history, said Alina Karpichenko, a Colliers spokeswoman. Colliers served as a consultant and broker on the deal.

The logistics complex is located in St. Petersburg's Shushari district along the Russia Federal Highway, the main transport artery running to Moscow.

Maxim Shakirov, regional director of the industrial and warehouse real estate department for Colliers International, said in the statement that the proximity of transport and auto-parts manufacturers would "ensure a gradual formation of an automobile cluster in this area."

The first phase of the logistics facility will be completed in the fourth quarter of 2008, with an area of 52,000 square meters. The rest of the project is to be completed in 2010.