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30 Jul 2019 07:00
30 July 2019
Raven Property Group Limited
("Raven" or the "Company")
Property valuation update
The Company has undertaken a valuation of its property portfolio as at 31 May 2019, as part of the process to prepare the circular to ordinary shareholders regarding the purchase of ordinary shares from two of its institutional shareholders, which was announced on 1 July 2019. The valuation was prepared by Jones Lang LaSalle and undertaken in accordance with the appropriate sections of the current Practice Statements contained in the Royal Institution of Chartered Surveyors Valuation - Global Standards, 2017 (the "Red Book").
As the Company announced on 1 July 2019 the Russian economy and its logistics real estate market continue to improve, market rental levels are increasing and vacancy is decreasing. Accordingly, the Company can report an increase in the Rouble valuation of its portfolio of 1.1% to Roubles 109.5 billion, equating to a revaluation gain of £14.4 million at the Rouble sterling exchange rate of 82.2 on 31 May 2019. This represents an increase, before any associated tax and the impact of the strengthening of the Rouble, in net asset value per share of 2.4p for ordinary shares in issue today.
Further, and as explained in the Company's announcement on 1 July 2019, the weak Rouble at 31 December 2018 had a detrimental impact on the value of the Group's property portfolio when translated into Sterling at an exchange rate of 88.35. Since then, the Rouble has since returned to its three year average of 80 Roubles to a pound, which will have a further beneficial impact on the property valuations when translated into Sterling.
The information contained within this announcement relating to valuation of the Company's property portfolio is considered by Raven Property Group Limited to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this announcement on behalf of the Company is Benn Garnham, Company Secretary.
Enquiries
Raven Property Group Limited Anton Bilton Glyn Hirsch
| Tel: + 44 (0) 1481 712955 |
Novella Communications Tim Robertson Fergus Young
| Tel: +44 (0) 203 151 7008 |
N+1 Singer Corporate Finance - James Maxwell / James Moat Sales - Alan Geeves / James Waterlow
| Tel: +44 (0) 20 7496 3000 |
Numis Securities Limited Alex Ham / Jamie Loughborough / Alasdair Abram
| Tel: + 44 (0) 207 260 1000 |
Renaissance Capital (South Africa) Yvette Labuschagne
| Tel: +27 (11) 750 1448 |
Renaissance Capital (Moscow) David Pipia
| Tel: + 7 495 258 7770 |
Ravenscroft Jade Cook
| Tel: + 44 (0) 1481 729100 |
About Raven Property Group
Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares and preference shares are listed on the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing Authority and the Official List of The International Stock Exchange ("TISE"). Its Ordinary Shares also have a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.theravenpropertygroup.com
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