Initiation: Investment for income
Raven Russia has built a portfolio of modern, high-quality warehouse property in Russia, backed by strong tenants. It is currently benefitting from high (c 11%) US$-denominated yields and effectively full occupancy (97%) while a permitted land bank supports continued growth through incremental capacity additions as demanded. With strong contracted cash flows and a robust balance sheet, Raven is well placed to weather the current slowdown in the Russian economy that coincides with a number of new warehouse completions coming to the Moscow market. We forecast a continuation of progressive distributions to shareholders (a prospective yield on ordinary shares of 8.5% and 10.0% on preference shares).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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