18th Nov 2013 08:43
LONDON (Alliance News) - Property investment company Raven Russia Limited said its assets continue to be in strong demand as the markets in which it operates continue to be under-supplied.
The firm, which specialises in commercial property in Russia, said that in the interim period from July 1 to November 15 it has recorded annualised operating income of USD192.2 million on its completed portfolio, including pre-let agreements (PLAs) and letters of intent.
Raven said it has signed a PLA with Russian supermarket operator Dixy for 39,284 square metres of new, build-to-suit space at the next phase of its Noginsk warehouse project in Moscow.
The lease is for 15 years with total income of USD8.5 million per annum expected at the USD48 million building.
The total potential annualised net operating income of the portfolio, including the new Noginsk building, is now USD207 million.
Financially, Raven said it refinanced debt secured on its Rostev warehouse complex repaying an existing facility of USD35 million.
Following the acquisition of the Sholokovo warehouse project in Moscow last year, a further USD9.7 million was drawn on the facility secured on the asset.
Raven said group cash balances now stand at USD181 million.
The stock was trading at 74.50 pence Monday morning, up 0.25p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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