HOW TO GROW OCCUPANCY HOPES

JSE-listed Raven Property group, founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants, had its performance in the year to December marred by currency movements, which saw it post underlying earnings of £20 million (R382m) and an IFRS loss of £120.7m after revaluation currency loss.The group saw rouble valuation of the investment portfolio go up 8 percent but fall by 10 percent after currency exchange losses.

“Local market conditions are improving. Vacancy rates are down, rents are rising and the overall performance of the Russian economy is strengthening. Annoyingly, the low year end rouble exchange rate has not allowed this to be reflected once translated into sterling,” chief executive Glyn Hirsch said yesterday. The group grew occupancy up from 81 percent to 89 percent at December 31, 2018 and 90 percent to date. It saw to the completion of two warehouse acquisitions in the second half of the year.

| Staff Reporter