30th Jul 2019 09:47
(Alliance News) - Raven Property Group Ltd on Tuesday reported a rise in value of its property portfolio, as it repurchased shares from two institutional shareholders.
On July 1, the commercial property investor said it would purchase 106.2 million shares from institutional shareholders, at 36 pence per share.
This was made up of 72.1 million shares from Woodford Investment Management Ltd, and then between 17.0 million and 34.1 million shares from Invesco Asset Management Ltd.
As a result of an improving Russian economy and logistics real estate market, market rental levels have risen and vacancy fallen, leading to a 1.1% rise in the value of portfolio to RUB109.5 billion as at May 31, Raven Property said.
This is equal to a revaluation gain of GBP14.4 million at the rouble/sterling exchange rate of 82.2 pence at the end of May, compared to 88.35p at the end of 2018.
Shares in Raven Property Group were untraded on Tuesday, last quoted at 40.75 pence in London, and at ZAR8.10 in Johannesburg.
Related Shares:
RAV.L