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Raven Property Group (RAV): Increasing rents and property valuations

·2-min read

Edison Investment Research Limited
10-Sep-2021 / 07:00 GMT/BST

 

London, UK, 10 September 2021

 

Raven Property Group (RAV): Increasing rents and property valuations

With the Russian economy recovering to pre-pandemic levels and e commerce activity continuing its strong pace of growth, the Russian warehouse market, in which Raven Property Group is a leading long-term investor, is performing strongly. Low vacancy, a lack of new supply and increased construction costs are driving accelerated rental growth, and this is supporting capital values, despite a significant rise in interest rates.

 

While rising debt costs squeeze income, capital growth is likely to drive near-term returns. Strong growth in H121 net assets per share leaves the ordinary shares on a c 50% discount to our estimated H121 EPRA NRV of 61p per share despite the recent rise in the share price. The preference shares currently yield c 10%.  


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