Guernsey-based property developer Raven Property Group Ltd is getting closer to buy a completed warehouse in Novgorod, Russia.

Raven Property Group will pay 33 million pounds ($42 million) for the warehouse asset.

The company will buy the property from a fund managed by U.S.-based construction firm Amstar, along with 21.5 hectares of adjacent land.

The warehouse complex, which consists of 64,375 square feet, is currently fully let with a weighted average lease term of 84 years. The move is now subject to the fulfillment of certain arrangements.