An opportune acquisition
Raven has announced the conditional acquisition of three properties in St Petersburg for RUB4.9bn (c $82m), below their replacement cost, which will generate rent of $13m in the first year of ownership (c 16% initial yield). The acquisition will be funded from existing cash reserves and is expected to be complete by the end of February. We maintain our previous forecasts pending the completion of the acquisition and the publication of Raven’s FY16 results on 13 March 2017.Raven Property Group is a property investment group focusing on commercial real estate in Russia. Co. has three operating segments: Property Investment, which acquires, develops and leases commercial property in Russia; Roslogistics, which is engaged in the provision of warehousing, transport, customs brokerage and related services in Russia; and Raven Mount, which sells residential property in the U.K.
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