AIM-listed Raven Russia is to develop a £56m, 1.2m sq ft logistics and distribution park in Moscow.

The project will be undertaken as a 50-50 joint venture with Russian architecture and construction group SKF.

Raven will buy out SKF upon completion of the project, scheduled for mid-2009, and when the scheme is fully let the deal will reflect a net initial yield of 12.1%.

The scheme will be built on a 44.2 acre site to the south of Moscow, in the town of Klimovsk, 21km south of the MAKD, Moscow’s orbital motorway.

The scheme is the latest in a series of Russian logistics development deals announced by Raven, which says it has a development pipeline that will be worth £835m upon completion.