Raven’s logistics properties in Russia weather pandemic
|Published
Raven Property Group has made a final distribution of 1.25 pence for the year to December 31 by way of a tender offer buy back as the warehouse owner in Russia weathered the effects of the Covid-19 pandemic. Picture: James White
CAPE TOWN - RAVEN Property Group has made a final distribution of 1.25 pence for the year to December 31 by way of a tender offer buy back, compared with a 2.25p distribution in 2019, as the warehouse owner in Russia weathered the effects of the Covid-19 pandemic.
The offer buy back was in the ratio of 1 in 32 ordinary shares at 40p per share. The share price was unchanged at R9.50 (about 11.4p) yesterday on the JSE, where the company has a secondary listing.
Occupancy at December 31 increased to 94 percent from 90 percent as at December 31, 2019 with 289 000square metres of new lettings and 310 000 square metres of maturity extensions in the period.
There were unrealised foreign exchange losses of £53.7m (2019: profit £27.5m) due to a weaker Rouble.
The cash balance at year end stood at £53.1m versus £68.1m in 2019. Rent collections were in excess of 99 percent in 2020.
Chief executive Glyn Hirsch said the strong underlying financial performance reflected the widely acknowledged quality of logistics warehousing as a global real estate asset class, and the resilience of Russia and its economy. | Edward West