Anton Bilton’s Russia-focused investor Raven has doubled its profit in the past year.
Operating profit for the six months to the end of June were £49.8m, up from £24.9m for the same period in 2020.
Profit last year was hit by a foreign exchange loss of £23m, even though revenue was stronger, at £80.6m, compared with H1 2021’s £70.6m. That should no longer be an issue for Raven, as it is moving to a predominantly rouble-based trading model. However, the firm said that there was an increased financial risk posed to the portfolio, with inflation increasing the cost of its rouble debt from 4.25% to 6.5%.
The London-listed firm’s investment property portfolio swelled from £1.09bn to £1.12bn over the same period, with a further £27m under construction, and occupancy at 96%. The loan-to-value ratio across the investment portfolio has risen to 58% from 56% at the end of 2020, with £673m debt.
The firm currently holds 3.8m sq ft of Russian real estate, predominantly in warehouses.
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