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Raven Property Group (Raven) made good underlying progress in H118 against the backdrop of a modestly growing Russian economy and improving supply-demand conditions in the warehouse sector. Occupancy and operating income were up, although headline results are affected by unrealised FX movements. Not reflected in our forecasts, further acquisitions are likely, funded by a strong cash position (almost $200m), with the potential to more than offset rent reversion to market levels and return the company to growth.

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