Update: Well prepared and resilient
Given current conditions in the Russian market, we believe the trading update provided by Raven Russia provides considerable comfort. The tenant base is proving robust, with limited lease breaks and expiries in 2015. The balance sheet is well positioned with a solid cash balance and debt maturity continuing to extend (now five years on average) with a slight fall in costs. Our reduced estimates incorporate FX movements and the assumption that market conditions remain weak through the forecast period. On a well supported 10% yield this appears discounted.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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