Raven Russia, the AIM-listed shed developer, has agreed a €49.1m financing deal with German bank HSH Nordbank for a scheme in Moscow.

The money will be used to finance the first phase of its 2.96m sq ft Noginsk logistics park in eastern Moscow. The phase will comprise 1.18m sq ft of development. It is the fourth time Raven has secured funding from HSH Nordbank.

The deal, announced today, brings the amount of construction finance available to the company to $248m (£125m). This figure includes previous money raised from Russian group VTB Europe.

Peter Axmann, deputy head of real estate at HSH Nordbank, said: ‘We consider this transaction attractive due to the projected market demand, location, property concept and proven professional skills of the parties involved.’