12th Jul 2005 10:42
Raven Mount plc12 July 2005 Raven Mount plc (the "Company") - Flotation of Raven Russia Ltd and Strategy Update Raven Mount, the AIM listed property development and investment company, todayannounces the proposed flotation of Raven Russia. It is proposed that Raven Russia will be established as an independently tradedcompany on AIM. Raven Russia has been formed to take advantage of theattractive real estate investment and development opportunities in the Russianwarehouse market. Raven Mount will invest £10 million in the venture and afurther £140 million is being raised from institutional investors through aplacing. Raven Russia will be managed under a long term contract by Raven Mount. It isanticipated that the equity when coupled with bank debt will allow Raven Russiato build a significant portfolio of properties. It is expected that Raven Russia will be admitted to AIM in at the end of July2005. A full announcement on Raven Russia will be made upon Admission. The stated strategy of the Board of Raven Mount is to pursue property investmentand development activities in the UK and overseas. The Company's strategy is toinvest where it sees value and opportunity. In current UK market conditions thathas led the Board to look increasingly at projects outside the UK. Theestablishment of Raven Russia follows intense ground-work on the Russian realestate market. "The establishment of Raven Russia marks the second step in ourreinvention of Raven Mount into a co-investing property hedge fund manager andmakes us unique in the quoted property sector. We are able to exploit our team's diverse and multi-disciplinedskill sets in niche areas and localities where we expect to see better growththan in traditional property asset classes and locations." Anton Bilton, Chairman, Raven Mount plc "Russia is a difficult yet very exciting market where we have made aconsiderable management investment over a long period to ensure that we have theright relationships to help us succeed". Glyn Hirsch, Executive Director, Raven Mount plc "Within two years we will have virtually exited the old Swan Hillbusiness and re-applied this capital. We will be focused on niche propertyareas which we believe are capable of producing exceptional returns. We intendto grow a significant property fund management business by investing our capitalin new funds". Bim Sandhu, Chief Executive, Raven Mount plc Contacts: Anton Bilton, Bim Sandhu, Glyn Hirsch Raven Mount Plc 020 7235 0422 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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