Raven Russia, the AIM-listed property company spun out of Anton Bilton’s Raven Mount, has announced pretax profits of £4.5m.
The company, which floated in May 2005, said that its net asset value per share at 30 June rose to 107p (31 December: 96p).
While investment properties dipped to £26.6m (31 December 2005: £27.9), forward funding assets under construction were £39.5m (2005: nil).
In April 2006, the company carried out a secondary fund raising, generating a further £310m. This takes total funds raised to £463m, which, with gearing, will give Raven Russia over £1.5bn of investment capacity.
It added it had a built up a strong pipeline of potential acquisitions, which, if they all come to fruition will commit the vast majority of the available funds.
Chairman Adrian Collins said: “In a very short timescale, the company has established itself as a significant investor in the Russian market and has fully committed the capital raised in our initial placing.
“Our ever expanding deal pipeline includes a number of very exciting opportunities which means that we can look to the second half of the year and beyond with confidence.”
He added: “The Russian economy continues to power ahead, and while a lot is made of the fabulous wealth of the much reported oligarchs, I am in no doubt that a great deal of spending power is trickling down the economic tree giving rise to greater demand for all manner of goods and services, all of which need to be stored and distributed – giving a positive prognosis for our investment in warehouses.”
References: EGi News 29/09/06
