The Raven Property Group is a property investment company operating a commercial property investment portfolio generating high rental income yields in the under supplied warehouse logistics market in Russia and principally in the Moscow region.

The Group runs its property investment portfolio with the objective of delivering progressive distributions to shareholders over the long term.

Since 2005, it has built and acquired circa 1.9 million square metres of space in major Russian cities, with the majority situated in the Moscow Region. Where appropriate opportunities arise, the Group will look to expand its investment portfolio through both development and acquisition.

20 Jan 2017

Carpe Diem

Raven Russia Limited is a Guernsey registered property investment company specialising in commercial real estate in Russia, concentrated on the acquisition and development of high quality class A warehouse complexes in the country's major cities and their leasing to Russian and international tenants.

The group is using its financial muscle to seize the opportunity to acquire prime assets in St Petersburg on a yield of 16%. We have referred repeatedly to the group’s defensive qualities in what has been a difficult market and also to its capacity to deal with advantage in such a market.

Raven Russia is buying three properties (one completed warehouse and two office buildings) in St Petersburg. The assets are being acquired at a cost of 4.9 billion roubles (US dollar equivalent $82m). They are 98% let, the bulk of which is in roubles rather than US$, at today’s market rents, so the ‘transition effect’ does not apply.

On our preliminary estimates, the acquisition targets will add a minimum of $10m pa to the bottom line (in comparison with the latest published figures), without any dilution to equity. We expect to have the basis to upgrade our forecasts when results are released in March, but in the meantime we maintain our share valuations previously published (Ordinaries 50p, Preference 160p)

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