The Raven Property Group was founded in 2005 to build and acquire an investment portfolio of Class "A" warehouse complexes in Russia under the brand Raven Russia. Its Ordinary Shares, Preference Shares and Warrants are listed on the Main Market of the London Stock Exchange and admitted to the Official List of The International Stock Exchange ("TISE"). Its Ordinary Shares also have a secondary listing on the main board of the Johannesburg Stock Exchange. Its Convertible Preference Shares are admitted to the TISE Official List and trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Class "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and 49,000 square metres of commercial office space in St Petersburg.

  • 4 July 2005

    Raven Russia (“RR”) incorporated

  • 29 July 2005

    153m ordinary shares (“RUS”) admitted to trading on AIM

  • 27 April 2006

    Further 269.5m RUS placed and admitted to trading on AIM

  • 27 Nov 2008

    RR completes internalisation of its property adviser

  • 24 March 2009

    RR issues 76m preference shares ("RUSP") and warrants ("RUSW") and they start to trade on AIM

  • 9 July 2009

    RR completes the takeover of Raven Mount ("RM")

  • 2 August 2010

    RUS and RUSW are admitted to trading on the main market of the LSE

  • 27 July 2011

    RUSP is admitted to trading on the main market of the LSE

  • 26 June 2012

    RR places further 48.4m RUSP and completes acquisition of Pushinko Logistics Park, a class 1 transation

  • 31 December 2013

    50% of RUSP in issue converted into RUS (1 RUSP for 2 RUS)

  • 7 July 2016

    Raven Russia's 108.7m Convertible Preference Shares admitted to the CISEA Official List and to trading on the SETSqx platform of the London Stock Exchange

  • 26 April 2017

    RR completes the acquisition of a portfolio of three high quality income producing properties in St Petersburg: Gorigo, Kellerman and Primium

  • 28 November 2017

    RR completes the acquisition of Sever 2 - Grade “A” logistics park of 195,132 square metres in Moscow

  • 1 June 2018

    Raven Russia Limited changes name to Raven Property Group Limited

  • 4 June 2018

    London Stock Exchange Tradeable Instrument Display Mnemonics (“TIDM”) change from RUS, RUSC, RUSP and RUSW to RAV, RAVC, RAVP and RAVW respectively

  • 10 September 2018

    RAV admitted to the main board of the Johannesburg Stock Exchange as a secondary listing

  • 13 September 2018

    RPG completes acquisition for further phase of Sever grade "A" logistics park of 58,850 square metres in Moscow

  • 3 October 2018

    RAV admitted to trading on the Moscow Stock Exchange as a secondary listing

  • 19 December 2018

    RPG completes acquisition of a grade "A" logistics warehouse complex of 64,375 square metres in Nizhny Novgorod


The Group runs its property investment portfolio with the objective of delivering progressive distributions to shareholders over the long term.

Since 2005, it has built and acquired circa 1.9 million square metres of space in major Russian cities, with the majority situated in the Moscow Region. Where appropriate opportunities arise, the Group will look to expand its investment portfolio through both development and acquisition. 

Business Model

Our business model aims to generate high rental income yields in the under supplied warehouse logistics market in Russia and principally in the Moscow region.

Tenants tend to be large domestic or international groups with strong underlying covenants. 

We have historically operated within prudent, secured gearing levels.

The most recent update on our strategy and business model can be found in our latest Annual Report and Accounts

Related Businesses


RosLogistics is a wholly owned, third-party logistics business.

It has traded since 2002 and provides outsourced warehouse storage and transport services, including value-added services such as co-packing and labelling of goods. Its principal centres of operation are in Moscow and St Petersburg.

For more information visit: http://www.roslogistics.ru

Raven Mount

Raven Mount Group Limited is a wholly owned subsidiary of The Raven Property Group.

Its principal operation is a joint venture providing luxury second homes in a secure 650 acre woodland and lake development in Cotswolds, UK. 

For more information visit: http://www.thelakesbyyoo.com

Board Of Directors

Richard Jewson

Non Executive Chairman

Richard joined Jewson, the timber and building merchant, in 1965 becoming the Managing Director, then Chairman of its holding group, Meyer International plc, from which he retired in 1993.  Since then he has served as Non Executive Director and Chairman of a number of public companies. He retired in 2004 after 10 years as Chairman of Savills plc and in 2005, after 14 years as a Non Executive Director and Deputy Chairman of Anglian Water plc. He is currently Chairman of Tritax Big Box REIT Plc, and a Non Executive Director of Temple Bar Investment Trust plc. 

He is Chairman of the Nominations Committee and a member of the Remuneration Committee.

Anton Bilton

Executive Deputy Chairman

Anton is an economics graduate from The City University in London. Anton was the founder of The Raven Group. He has also been a founder and director of three other companies that have floated on AIM. Anton is a non-executive Chairman of Sabina Estates Ltd.

He is a member of the Nominations Committee.

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Glyn Hirsch

Group Chief Executive Officer

Glyn qualified as a Chartered Accountant with Peat, Marwick Mitchell & Co in 1985. Until 1995, he worked in the corporate finance department of UBS (formerly Phillips & Drew) latterly as an Executive Director specialising in UK smaller companies. From 1995 until 2001, he was Chief Executive of CLS Holdings plc, the listed property investment company, a former Director of Citadel Holdings plc, the specialist French property investor and former Chairman of Property Fund Management plc, the listed property fund management business. Glyn is a non-executive director of Sabina Estates Ltd.

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Mark Sinclair

Group Chief Financial Officer

Mark is a chartered accountant, and spent 18 years at BDO Stoy Hayward, a leading professional services firm in the UK.  He was a partner in the London real estate group, responsible for a portfolio of large property companies, both listed and private.  He joined Raven Mount in June 2006 as Finance Director of Raven Russia Property Management Ltd, the former Property Adviser to the Company and joined the Board of The Raven Property Group in March 2009.

Colin Smith

Chief Operating Officer

Colin qualified as a Chartered Accountant with BDO Stoy Hayward.  Prior to joining The Raven Property Group, he was a Director in the audit and assurance division of the chartered accountant practice of BDO in Guernsey, having joined it in 1994.  Colin has also been a Non Executive director of a number of offshore investment funds and companies.

Christopher Sherwell

Senior Independent Non Executive Director

Christopher Sherwell is a former Managing Director of Schroders in the Channel Islands. Before joining Schroders, he was Far East Regional Strategist in London and Hong Kong for Smith New Court Securities and prior to that spent 15 years as a journalist, much of them as a foreign correspondent for the Financial Times. He has considerable public company experience and acts as a Non Executive Director on a number of publicly listed investment companies including Baker Steel Resources Trust Ltd and NB Private Equity Partners.

He is Chairman of the Remuneration Committee and a member of the Audit and Nominations Committees.

Stephen Coe

Non Executive Director

Stephen Coe BSc, FCA is self employed providing Executive and Non Executive services to public and private clients.  His current public directorships include European Real Estate Investment Trust Ltd where he acts as Chairman and Weiss Korea Opportunity Fund Limited, Leaf Clean Energy Company and Trinity Capital Ltd where he acts as a Non Executive Director and Chairman of the Audit Committees. Private clients include investment funds and a captive insurer.  From 2003 to 2006, he was Managing Director of Investec Trust (Guernsey) Ltd and Investec Administration Services Ltd, responsible for private client and institutional structures. Between 1997 and 2003 he was a Director of Bachmann Trust Company Ltd and previously he worked with Price Waterhouse specialising in financial services.

He is Chairman of the Audit Committee and a member of the Remuneration Committee.

David Moore

Non Executive Director

David Moore is an advocate of the Royal Court of Guernsey and is currently a consultant with Collas Crill in Guernsey. He is a former partner of Guernsey law firm Mourant Ozannes, where he had practised since 1993 and before that spent 10 years practising in the City of London, predominantly with Ashurst Morris Crisp. He specialises in corporate and financial matters and is a Non Executive Director of a number of investment, insurance and finance sector-related companies. 

He is a member of the Audit and Remuneration Committees.

Michael Hough

Non Executive Director

Michael Hough previously worked at Goldman Sachs and Drexel Burnham Lambert as well as Apax Partners and Altium Capital.  He subsequently co-founded two private Equity firms; Iceni Capital and Aurora Russia.  He was also, for 5 years, the CEO and President of Henry Technologies, a global manufacturing and technology business.  In addition, he was Chairman of OSG, Russia’s largest document storage business for 5 years prior to its successful sale.

He is a member of the Audit Committee.

Management Team

Adrian Baker

Group Managing Director

Adrian is a member of the RICS with over 30 years’ experience of property investment and development in the UK and Europe. He started his career in the property division of Nat West Bank and then spent 10 years at CLS Holdings working on their UK property portfolio. In 1997 he helped establish Citadel Holdings, a specialist AIM listed French property investor. He subsequently had spells at Topland Group, Prestbury Holdings and Great Portland Estates. After a year investing and developing property in Croatia, he joined Raven Russia in June 2005. Adrian was Russian Property Personality of the year in 2009 and is the Chairman of the RICS for Russia and the CIS.

Igor Bogorodov

Russia Managing Director

Igor has been with The Raven Property Group since its foundation in 2005 and is responsible for overseeing all Russian operations. He holds a degree in Engineering from the Odessa Institute of Technology and a Bachelor's degree in Audit and Finance from the Berkeley College, New York. 

Ekaterina Kozlova

Russia Finance Director

Ekaterina joined The Raven Property Group in 2006 and is Head of Accounting with over 20 people under management. She is a senior member of ACCA (The Association of Chartered Certified Accountants) and holds a degree from the Moscow Economics Institute.

Vyacheslav Kholopov

Lettings and Marketing Director

Vyacheslav joined The Raven Property Group in 2018 and took up the position of Leasing and Marketing Director. During the previous 11 years he has worked in the largest consulting companies - JLL and Knight Frank, where headed the industrial and warehouse real estate departments. Vyacheslav is a member of both the Board and the Certification Commission of the Association of Russian Industrial Parks (AIPR). He has graduated from the Moscow State University of Transport (MIIT).

Yaroslav Shuvalov

Property Management Director

Yaroslav joined The Raven Property Group in 2007 and is Head of Property Management. He holds a degree in Economics & International Relations from the Moscow Diplomatic Academy and is a member of the Royal Institute of Chartered Surveyors. Prior to joining The Raven Property Group Yaroslav worked as Director of Property Management in Knight Frank, Russia. 

Venera Bektimirova

Legal Director

Venera joined The Raven Property Group in 2015 and is Head of Legal. She graduated with a degree in International Law from the Moscow State University of International Relations. Prior to joining The Raven Property Group Venera worked as Senior Legal Counsel for AIG/Lincoln Russia, Senior Lawyer for Unibail-Rodamco Russia and spent over 6 years in AFI Development.

Roman Musin

Investment Director

Roman joined The Raven Property Group in 2017 and is Investment Director specializing in identifying, underwriting and executing investment transactions. He holds a Bachelor’s degree in Economics from Lomonosov Moscow State University and a Master’s degree in Economics from the Finance Academy.

Prior to joining The Raven Property Group, Roman held senior positions at Flybridge Asset Management, RB Invest, Marbleton Property Fund and EY

Neil Smith

Director of The Raven Property Group Holdings Cyprus Limited

Neil joined The Raven Property Group in 2007 and combines the roles of director of The Raven Property Group's Cypriot holding company, Head of the Group's Cyprus operations and Head of Structured Finance. He is a qualified chartered accountant having trained with BDO Stoy Hayward and has a Masters degree in Real Estate. Prior to joining Raven, Neil worked in the investment banking divisions of various banks, the most recent of which was in Structured Real Estate at Royal Bank of Scotland. 

Chris Dryden

Director of The Raven Property Group Holdings Cyprus Limited

Chris joined Raven in September of 2017 as a director of The Raven Property Group's Cypriot holding company and chair of RosLogistics. He has been an RICS member for 30 years and has a masters degree in European property development and planning from Newcastle University. He has eleven years experience in Russian real estate, most recently as managing director of Ghelamco in Moscow. Prior to this, Chris was the head of valuation across Central and Eastern Europe with DTZ, based in Budapest. 

Lukas Noga

Director of The Raven Property Group Holdings Cyprus Limited

Lukas joined The Raven Property Group in October 2017 and combines the roles a director of The Raven Property Group's Cypriot holding company and Group Deputy Head of Structured Finance. He holds Masters degree in Finance. Prior to joining Raven, Lukas worked for 10 years in the various positions at Aareal Bank originating and managing deals in CEE and Russia

Jeremy Sturgess

Director of The Raven Property Group Holdings Cyprus Limited

Having been a Co Founder with Anton Bilton of the The Raven Group in the early 1990's Jeremy rejoined the group as a director of The Raven Property Group's Cypriot holding company in 2016. He has over 30 years of commercial and leisure property experience in a wide range of roles most recently as Group Head of Real Estate and Member of Executive Management for Orascom Development Holding SA a Swiss listed resort developer. Prior to this in 2005-2007 he worked closely as a consultant to The Raven Property Group in Ukraine. He started his career as a fund manager at Baring Brothers in 1984.

Corporate Governance

The Board is collectively charged with governance of the Group, providing leadership and direction for management. It develops the Group’s strategy, values, standards and culture and ensures the resources and controls are in place to implement these. 

Our full Corporate Governance report can be found on the below link:

Corporate Governance Report

Board Committees terms of reference

The Board has also delegated certain aspects of its responsibilities to the Audit, Remuneration and Nominations Committees through terms of reference. The Board and its Committees have regular scheduled meetings and together with the schedule of matters reserved for the Board, the Committees allow the Board to discharge its duties effectively.

The terms of reference for the Board Committees can be found on the links below:

Audit Committee Terms of Reference

Nomination Committee Terms of Reference

Remuneration Committee Terms of Reference

Corporate Responsibility and Environmental report

Corporate responsibility covers different aspects of the business but our primary focus is on the environmental impact of our activities and properties and the social impact in the jurisdictions in which the Group operates. It is the responsibility of the Board to manage the environmental, economic and social impact of the Group’s business strategy.

Our report on Corporate Responsibility and Greenhouse Gases and Carbon Reporting can be found on the link below:

Corporate Responsibility Report

Risk management

The Board places significant importance on identifying and managing the risks facing the business. These encompass the risks, real and perceived, of operating in a foreign market such as Russia, and the more obvious cyclical, property specific risks, presented by the development and investment in a large property portfolio. Risk and uncertainties are accepted as part of doing business and managed accordingly.

Our principle risks and uncertainties report can be found on the link below:

Risk Report