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Raven Russia Limited ("Raven Russia" or the "Company") Acquisitions The Board of Raven Russia is pleased to announce two acquisitions close to Moscow. A subsidiary of the Company has signed contracts to acquire a 45,237 square metres completed grade A warehouse at Sholokhovo, on Dmitrov Shosse to the North of Moscow from a fund managed by Fleming Family and Partners for a consideration of $49.75m. The property is let to two tenants, Kuehne + Nagel and Perekrestok (part of X5 Retail) on leases expiring in 2017 and 2015 respectively. The income for the next 12 months is $5.85m giving an initial yield of 11.75%. The property has an existing $20.15m debt facility until 2021 at a margin of 6.5% over US libor. Therefore the equity requirement is $29.6m. In a separate transaction a subsidiary of the Company has signed contracts to acquire 38ha of zoned development land at Padikovo, on the Nova Riga Shosse, to the north west of Moscow for $23m. The Company intends to construct up to 200,000 square metres of new warehousing on the site, subject to obtaining detailed consents, tenant demand and development funding. Discussions with a potential bank are already in progress for development finance.
http://www.investegate.co.uk/Article.aspx?id=201207180700088961H
Raven Russia, the commercial real estate group focused in Russia, saw profits surge in 2011 helped by high levels of tenant demand and 222,000 square metres of net lettings during the year. Pre-tax profit in the 12 months to December 31st jumped 131% from $55.7m to $128.9m while net asset value (NAV) per share increased by 13.3% from 105 cents to 119 cents. With the shares trading at a significant discount to NAV, the group has proposed distributing 1.75p per share back to shareholders through a tender offer buy-back of one in 39 ordinary shares at 68p. "When we started Raven Russia the aim was to create a high quality, income producing portfolio of grade A warehouses. It feels like we are nearly there," the firm said. The group has 1.03m square metres of finished space, 92% of which is let with an annualised net operating income (NOI) at today's date of $129m. The completed portfolio will product $137m of NOI when fully let, the company said.
Richard Jewson, Chairman, said "The market in which we operate continues to improve and we look to the future with confidence." Glyn Hirsch, CEO, said "Our focussed piece of the world, logistics warehousing in Russia, looks great. Growing economy, improving consumer markets, combined with a structural undersupply of space are excellent ingredients. There is no sign, yet, of a development boom whilst construction finance remains tight and the global players ignore Russia."
Results for the six months ended 30 June 2011 The Board of Raven Russia releases below the results for the six month ended 30 June 2011. Highlights - 188,000 sqm of new lettings since 31 December 2010 - 832,000 sqm (84%) of portfolio now let - 27,000 sqm of PLAs and LOIs signed at today's date - annualised consolidated NOI now $112 million - increases to $115 million on conversion of PLA s and LOIs - portfolio ERV of $129 million and portfolio ERV yield of 12% - increases to $135 million on completion of Klimovsk phase 2 - profit before tax of $86 million for the period - basic EPS of 14 cents - cash balance at 30 June 2011 of $129 million and $115 million at today's date - adjusted fully diluted NAV per share of 117 cents - tender offer buy back of 1 in 46 shares at 58 pence proposed - equivalent of 1.25 pence dividend
http://www.investegate.co.uk/Article.aspx?id=201108300700171661N
http://www.ft.com/cms/s/2/bcb10782-b2eb-11e0-86b8-00144feabdc0.html#axzz1SyW4Krxs
Glyn Hirsch, Chief Executive of Raven Russia said: "The first 4 months of the year has seen vacancy in the Moscow market drop below 3 percent. Rents are on the rise and the investment market is starting to take notice. All good fundamentals for the business".
Financial We completed the financing of our Lobnya project, drawing $30 million in January on a 7 year term loan and have signed a facility agreement secured on phase one of our Klimovsk project, with a view to drawing $38 million in the second quarter on a 9 year term loan. As the banking environment continues to improve, we are in advanced negotiations to extend the term of some of our existing debt with existing and new lenders, including the refinancing of our Noginsk project where debt matures in October 2011. With the construction of the second phase of Klimovsk, improvements on existing sites, including the cold storage element of the X5 letting and payment of final retentions and profit shares, we now have capital commitments in the current financial year of $90 million, including VAT. Net debt at 31 March 2011, excluding preference shares, was $345 million with a cash holding of $113 million. If approved at the AGM, the final dividend for 2010, of 1p per ordinary share, will be paid according to the following timetable: - XD date 25 May 2011; - Record date 27 May 2011; and - Payment date 24 June 2011.
Key Highlights · New lettings of 135,000 square metres in the year to date . · Includes letting of 75,681 square metres to X5 Retail Group at Noginsk, Moscow. · 780,000 square metres (80%) of the existing portfolio now fully let and income producing. · Annualised, consolidated net operating income ("NOI") of $106 million. · Increasing to $111 million on conversion of 43,500 square metres of pre let agreements and letters of intent. · A further 69,000 square metres of lettings under active negotiation. · Commenced construction of 53,000 square metres on second phase of Klimovsk, Moscow. · Portfolio ERV of $128 million, increasing to $134 million including Klimovsk phase 2.
mail on sunday tipped it but usually nothing has happened maybe the holidays...............
Hello its a massive HOLD We are all over iii web site 14% divi on pref shares And the bod love buying more shares HOLD HOLD HOLD Its my best Investment Dont forget iii RUSS & RUSSP
Is anyone else invested here....?!! Is this worth holding?
a warehouse sold at 48% above the Dec-2009 valuation. In other words, the value of this companie's assets are quite seriously undervalued. RNS Number : 4706Q Raven Russia Limited 04 August 2010 RAVEN RUSSIA LIMITED ("Raven Russia" or the "Company") Sale of Warehouse The Board of Raven Russia is pleased to announce that it has signed contracts to sell its Russian subsidiary, ZAO Kulon Estate ("RR Baltia") to Casebre Holdings Limited, a Cypriot registered company. RR Baltia is the holding company for Raven Russia's warehouse property at Baltia, Moscow. The property comprises a Grade A warehouse of approximately 28,000 sqm of leasable area close to the Moscow orbital ring road. The property was acquired by the company in 2005 and has been fully let since that date, and generated net operating income of $3 million in 2009. Cash consideration of $42 million will be paid for the sale. Completion is expected in the final quarter of 2010. The purchase price represents a premium of 48% over the Company's 31st December 2009 valuation. After repaying the existing bank facilities secured on the property of $22.3m the sale will generate cash of $19.7m to the Company. Glyn Hirsch, Chief Executive said "This property has provided an excellent running cash return since acquisition in 2005. It is now one of our smaller properties and although our strategy remains to build our portfolio a sale at this price at this time was an attractive opportunity."
So, what does switching from the AIM usualy result in? I'm a but of a noob on these things
is the raven getting ready to soar again??
is this one of ours? http://www.telegraph.co.uk/news/worldnews/europe/russia/6493303/Fork-lift-drivers-warehouse-disaster-video.html
Credit Suisse came out with a buy note yesterday: We reiterate our Outperform rating and increase our TP from 76p to 79p/share on Raven Russia (RR).
theoretically, that is a sort of guide you can use to try and price a share. but in real life if the company does go down, the buyer of those tangible assets will not pay the book value. u have to strip off intangibles as good practice and only measure tangibles. then perhaps discount the value of the tangibles too to be even more conservative in your calculations. in normal markets, a share is priced according to its forecasted profits as the share price is normally priced above NAV.
It seems that the net asset value is over a pound a share, so am i right in thinking that if i buy today at 40p and the company disolves tomorrow morning then i'd still double my money just from sale of assets. What's the catch?
didnt make much sense
just before the end of today, some RNS, but im new to this game so it did make much sense to me, lol. can someone else have a quick and see where this is heading
http://www.investegate.co.uk/Article.aspx?id=200903310700187648P