13th May 2014 09:05
LONDON (Alliance News) - Property investment company Raven Russia Ltd Tuesday said it currently has annualised net operating income of USDS192.7 million including pre-let agreements, while its vacancy rate remains low at 3%.
In business update for 2014 to date, the firm, which specialises in commercial property in Russia, said the construction of the first 67,000 square metres of its warehouse development at Padikovo in north west Moscow, is well advanced.
Raven Russia said the site should complete by the end of the year. There is "healthy" letting interest in the site, the firm added.
In addition, the construction of the pre-let space at its Noginsk site continues on time and on budget and should also be available for rent by the end of the year.
The company said its cash balance currently stands at USD202 million.
Raven Russia shares were quoted up 2.4% at 72.21 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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