RUSSIA FOCUS
Raven Property branches out from London to list on JSE
London Stock Exchange-listed Raven Property Group on Monday announced plans for a secondary inward listing on September 10, which will make it the JSE’s first Russian-focused property listing. The company is one of the largest logistics warehouse owners in Russia and has a market cap on the London Stock Exchange of £252m. The company trades at a dividend yield of close to 10%. About half of Raven’s rental income is earned in US dollars and the other half in Russian rouble, but dividends are paid in sterling. Raven CEO Glyn Hirsch told Business Day the listing should appeal to SA investors seeking currency and geographical diversification. "We offer exposure to a specialist sector in a country where there are huge barriers to entry and an undersupply of stock," he said. Hirsch said the Russian economic recovery has gained momentum this year following two years of contraction in 2014-2015 caused by a sharp drop in oil prices. Improved economic conditions have already translated into i...
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