Emerging opportunities

Management’s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven’s FY16 results show an IFRS profit of $7.7m or $55.4m on an EPRA basis. An opportunistic acquisition of three assets in St Petersburg announced since the year-end and expected to close in Q217 vindicates Raven’s strategy of strengthening the balance sheet in anticipation of the market changing. The defence of occupancy levels kept vacancies at 19% on average with leases covering 22% of gross lettable area (GLA) extended and replaced. This has helped maintain cash flow and leaves Raven well-placed to benefit from an upturn.