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Friday, September 14, 2007

Raven Russia Seeks To Develop Logistic Park In Ukraine

By Jim Pickard, Financial Times, London, UK.

Raven Russia, the Aim-listed Russian property vehicle, is seeking shareholders' permission to develop a 1m sq ft logistics park in Kiev, Ukraine. The joint venture requires an EGM because the deal would be outside Raven's original geographical remit.

The shares rose 5½p to 96¾p as it said it had committed $1.9bn (£945m) to various projects. The group raised £453m in its 2005 flotation - and a rights issue in 2006 - to invest $3bn in Russian real estate.

Pre-tax profit of £32.1m (£4.5m) for the six months to June 30 was boosted by the revaluation of its investment assets. Net asset value per share rose from 106p to 110p.