The Russian Direct Investment Fund (RDIF), the sovereign fund of the Russian Federation, Abu Dhabi’s Mubadala Investment Company, and other leading Middle Eastern investment funds have announced a joint investment in the development of the logistics platform Professional Logistics Technologies (PLT).
The investment will further support the growth of PLT’s North Sheremetyevo Park. The transaction assumes acquisition of a modern multi-temperature class A warehouse with an area of 43,000 square meters in the Moscow region from Russian grocery and convenience goods retail chain Verny, with simultaneous long-term lease contract for the complex. Verny will use the proceeds to further develop its retail network and open new grocery stores in Moscow and the regions.
“We think the logistics sector has very strong potential, as we see a shortage of high-tech multi-temperature warehouses in central Russia. This investment will help the network of more than 660 stores to free up funds for business development, optimize supply chains, and increase the availability of quality goods at low prices for the Russian population. We will continue to develop our logistics platform and plan to increase PLT’s portfolio to one million square meters following investments in various regions of Russia,” noted Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).
Following the transaction, PLT is now one of the top four largest logistics park owners in Russia.