Preferential treatment for Raven Russia

To recap, demand in the warehouse and logistics market in Moscow remains very strong due to an under-supply of property and vacancy rates are below 1 per cent. As a result, demand in Raven Russia's portfolio remains robust. Currently, 97 per cent of Raven Russia's total of 1.4m square metres of its portfolio of Grade 'A' warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk is now let out. In aggregate, this space generates an annualised net operating income (NOI) of $192.2m (£119m), including pre-lets. And with developers generating bumper rents for prime space in Moscow, then Raven Russia's profits have been rising sharply.