Anton Bilton’s Raven Russia saw net asset value per share rise to 112.4 cents (£0.71) per share for the six months to June 30, compared with 119 cents for the same period last year.
However, the group also reported profits considerably lower than the previous year, at $20.08m compared with $71.15m in H1 2011.
The London-listed company boosted its portfolio with the acquisition of 258,000m2 of fully let office space and 38ha of permitted land in Moscow, taking assets under management up to $1,417m. The fully let portfolio has a yield of 11.7%. The Russia-focused company cut its vacancy rate from 17% to 6% during the period.
Raven Russia CEO Glyn Hirsch, said: “Our annualised Net Operating Income has increased by 45% in the year to date following a successful acquisition and letting programme, we have a strategic land bank in the Moscow region which will allow us to grow organically and our improving operating cashflow is allowing us to increase distributions to shareholders.”
“The market in which we operate continues to improve. The Russian economy is growing and our tenants are doing well. There is a structural undersupply of logistics warehousing and combined with fragmented competition and limited development finance, this means that the supply/demand dynamics are in the landlord’s favour”
Sophia.furber@estatesgazette.com
