Raven Property Group - Strong operational performance

Against a backdrop of a strengthening Russian economy and strong warehouse demand with rising rents, Raven Property Group (Raven) delivered strong operational performance gains in 2018. Occupancy showed a strong improvement and, in rouble terms, rental, income and property values increased. Currency moves continued to negatively affect the reported financials (the rouble weakened 13% versus sterling), but much progress has been made in eliminating the mismatch between increasingly rouble-denominated rents and legacy US dollar debt.

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