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Raven has announced a second significant acquisition for the current year, a large, modern Grade A warehouse complex north of Moscow. The acquisition (maximum consideration c $120m) is initially funded from Raven’s existing strong cash position and immediately enhances earnings with the potential for further upside from lettings and higher rents. With the Russian economy continuing to improve, and occupier demand running well in excess of falling new warehouse supply, management comments that it feels increasingly like the bottom of the market. The company remains well positioned for additional accretive acquisitions.

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