Property investment firm Raven Russia said its business has performed well in the year to date with high levels of tenant demand in all of its markets, especially Moscow.

The group reported new lettings of 135,000 square meters in the year to date, which includes letting of 75,681 square metres to X5 Retail Group at Noginsk, Moscow.

Around 780,000 square metres or 80% of the existing portfolio is now fully let and income producing.

Chief executive Glyn Hirsch commented, "The first 4 months of the year has seen vacancy in the Moscow market drop below 3%. Rents are on the rise and the investment market is starting to take notice. All good fundamentals for the business".

Net debt at 31 March 2011, excluding preference shares, was $345m with a cash holding of $113m.


CJ

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