Raven Russia posted a portfolio devaluation of $51m (£33m) amid difficult trading conditions in the country, the firm said in its first half trading report.
The company also gave a gloomy outlook on the company’s economic performance for the coming year.
Raven Russia’s 1.5m sq ft warehouse portfolio has endured a period that “remained challenging operationally”, the company said. However, it added that “given the continuing sanctions and poor economic conditions caused by the weak oil price and rouble” its results were “satisfactory”.
Its NAV per share remained stable at $1 and the portfolio is 89% let.
In his chairman’s statement Richard Jewson said: “We recognise that the impact of the various macroeconomic events over the past 12 months is not yet fully reflected in our results.
“We are acting on the basis that a low oil price and rouble value is the ‘new normal’. We are ensuring that we remain in a strong financial position to deal with the inevitable impact on earnings and cashflow this will have over the coming 18 months.
“In light of this and reflecting our continuing cautious stance, we intend to distribute the equivalent of 1p per share.
“The executive and management teams continue to do all that they can to secure long-term income from the portfolio in a turbulent market and, with the oil price and the rouble continuing to fall this week, it is unlikely that we will see any respite in the coming year.”
