Positioned for cash-generative acquisition

The Russian economy continues to improve, a good level of occupier demand is running well in excess of falling new warehouse supply and FX markets have been relatively calm. Against this backdrop, Raven produced a solid H1 performance and the balance sheet is strongly positioned for further significant acquisition of yielding assets. These have the potential to materially lift our reduced near-term forecasts for earnings and distributions and mitigate the negative effect on current portfolio rental income should the market fail to recover over the medium term.