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RAV Raven Property Group Limited

3.82
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Raven Property Group Limited LSE:RAV London Ordinary Share GB00B0D5V538 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.82 3.95 4.01 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Raven Property Group Limited Final Results (0978T)

18/03/2019 7:01am

UK Regulatory


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TIDMRAV

RNS Number : 0978T

Raven Property Group Limited

18 March 2019

18 March 2019

Raven Property Group Limited ("Raven" or the "Company" or the "Group")

Results for the year ended 31 December 2018

The Board of Raven Property Group release results for the year ended 31 December 2018.

Highlights

   --      A good trading performance adversely affected by currency movements; 
   --      Occupancy up from 81% to 89% at 31 December 2018 and 90% today; 
   --      Two warehouse acquisitions completed in the second half of the year; 

-- Rouble valuation of the investment portfolio up 8% but falling by 10% after currency exchange losses;

   --      Secured debt facilities moving to Roubles; 

-- Underlying earnings of GBP20.0 million and IFRS loss of GBP120.7 million after revaluation currency loss;

-- Tender offer buy back of 2 in 51 shares at 45p, equating to 1.75p per share, giving full year distribution of 3p.

CEO Glyn Hirsch said "Local market conditions are improving. Vacancy rates are down, rents are rising and the overall performance of the Russian economy is strengthening. Annoyingly the low year end Rouble exchange rate has not allowed this to be reflected once translated into Sterling."

Enquiries

 
 Raven Property Group Limited             Tel: + 44 (0) 1481 712955 
  Anton Bilton 
  Glyn Hirsch 
 Novella Communications                   Tel: +44 (0) 203 151 7008 
  Tim Robertson 
  Toby Andrews 
 N+1 Singer                               Tel: +44 (0) 20 7496 3000 
  Corporate Finance - James Maxwell 
  / James Moat 
  Sales - Alan Geeves / James Waterlow 
 Numis Securities Limited                Tel: + 44 (0) 207 260 1000 
  Alex Ham / Jamie Loughborough / 
  Alasdair Abram 
 Renaissance Capital (South Africa)          Tel: +27 (11) 750 1448 
  Yvette Labuschagne 
 Renaissance Capital (Moscow)                 Tel: + 7 495 258 7770 
  David Pipia 
 Ravenscroft                              Tel: + 44 (0) 1481 729100 
  Jade Cook 
 

About Raven Property Group

Raven was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. 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 UK Listing Authority and 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 and the Moscow Stock Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Cyprus and Moscow and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.theravenpropertygroup.com

Chairman's Message

I am pleased to report that we have made significant progress in the year. We now consider ourselves a Rouble operating business and our balance sheet exposure to US Dollar liabilities has greatly reduced.

The market fundamentals in the warehouse market have steadily improved and our warehouse occupancy levels have increased from 81% at 1 January 2018 to 89% at 31 December 2018 with a further increase to 90% today.

In 2018 we completed two further acquisitions of grade A warehouse space, totalling 123,200sqm, for Roubles 5.3 billion, which should generate an additional Roubles 580 million of income per annum. Since April 2017 we have acquired Roubles 14.6 billion of new assets and, together with increased occupancy, this has supported our top line as legacy US Dollar pegged leases mature.

Our exposure to US Dollar financing facilities has reduced from 92% at the beginning of the year to 34% of the Group's secured debt at 31 December 2018. We still have some work to do but we are confident that 2019 will see the residue of US Dollar balance sheet exposure disappear.

The certainty of a long term Rouble rental market and the shift away from a US Dollar financing model has led us to reconsider a number of currency related issues. For the first time our valuers have applied Rouble estimated rental values ("ERVs") in the valuation model of our investment portfolio and as at 31 December 2018 all of our investment properties are valued in Roubles rather than US Dollars. This has precipitated a review of both the balance sheet functional currency of our subsidiaries and also the presentation currency we use in our Annual Report. The most obvious change being that we have reverted to a Sterling presentation policy for our Annual Report, the currency of our share capital and preference shares.

The weak Rouble exchange rate at 31 December 2018 has had a detrimental impact on our property valuations. Rouble valuations of the investment portfolio improved in the year but exchange losses caused a revaluation loss on translation. Underlying earnings of GBP20.0 million support our distribution for the year. IFRS losses of GBP120.7 million reflect the impact of the weak Rouble on valuation movements.

We welcome Michael Hough to the Board. Michael joined as a non executive director on 9 October 2018 and has a strong commercial pedigree and previous experience of the Russian market. We are sad to say that Stephen Coe will step down from the Board following this year's AGM. Stephen has been an invaluable member of the non executive team for many years and will be missed. We wish him well. Michael will take over the role of Audit Committee Chairman following Stephen's retirement. This signals the resumption of our succession planning for the Board. We had put this on hold following the turbulence of the oil and Rouble collapse in late 2014 and expect to make an ordered rotation over the next three years.

We have successfully completed two secondary listings of our ordinary shares on the Johannesburg Stock Exchange ("JSE") and the Moscow Stock Exchange ("MOEX") during the year and we hope that this will provide an opportunity to widen our shareholder base in the future.

It has been another busy year and as always, we are grateful for the support of our shareholders.

Richard Jewson

Chairman

17 March 2019

Strategic Report

Chief Executive's Report

Dear Shareholders,

We have nearly completed our transition to a Rouble business and in Rouble terms we are performing well. Annoyingly the low year end Rouble exchange rate has not allowed this to be reflected once translated into Sterling. On 1 January 2018 the Rouble/Sterling exchange rate was 77.88. At 31 December 2018 that rate had fallen 13.4% to 88.35. Today it is 86.12.

Local market conditions are improving. Vacancy rates are down, rents are rising and the overall performance of the Russian economy is strengthening.

In our own portfolio we have seen occupancy rise from 81% to 89% in the year with a further increase to 90% today.

Rents have firmed consistently through the year and Moscow rents are now at 3,800 - 4,000 Roubles per sqm for standard space. Our average warehouse rental rates are Roubles 4,900 per sqm after taking into account higher tenant specification, office and mezzanine content. We expect these rates to continue to improve as demand and supply is out of balance and there are exceptionally low levels of speculative development.

At the year end the portfolio revaluation in Roubles has shown an increase of 8%.

We have made good acquisitions in the period and look forward to their full year contribution to results in 2019. We have also invested close to GBP19 million in Rouble interest rate hedging, capping our Rouble cost of debt at a rate of 8.25% for periods of five to seven years. We are nearly out of dollar debt and by refinancing in Roubles and Euros have maintained a cost of debt of 7.69%. The portfolio valuation yields were between 11% and 12.5% at the year end.

In the meantime the Russian e-commerce sector continues to develop successfully with some impressive players emerging. We anticipate that they will soon start to make a significant impact on the logistics real estate market.

Frustratingly, since the US sanctions in August, the Rouble fall has resulted in Sterling fully diluted NAV per share dropping to 48p at 31 December 2018

We are pleased to be making a final distribution of 1.75p by way of tender offer buy back of 2 shares in every 51 at 45p, meaning we will have distributed a total of 3p for the year.

The business is now well positioned as a local market leader in one of the world's most appealing property sectors. We are close to having restructured our balance sheet so are in a strong position to benefit from a continued improvement in our market and at some point a significant change in valuations.

Our prospects look better than they have at any time since 2014 and we are confident about the future.

Glyn Hirsch

Chief Executive Officer

17 March 2019

Business Model

Our Strategy

We continue with our strategy of holding an investment portfolio of Grade A logistics warehouses in Russia for the long term, with the aim of producing rental income that delivers progressive distributions to our shareholders. We will consider other asset classes in the region if the property and financial metrics are attractive and we have a small office portfolio in St Petersburg which we also intend to hold for long term income returns.

Business Model

We acquire investment assets typically with yields of between 11% and 14% and have bank financing costs across the Group of 7.69%. We now run a Rouble operating model but continue to have legacy US Dollar pegged leases which will mature over the next three years. As explained in last year's Annual Report, our aim was to adapt our business model, moving the Group's secured banking facilities out of US Dollars and to a Rouble/Euro mix to reduce our foreign currency exposure whilst managing the cost of debt. This process is now well underway.

At the year end, US Dollar leases account for 26% of the Gross Lettable Area ("GLA") of our warehouse portfolio (2017: 31%). Our office portfolio has a currency exposure to Euro on 20% (2017: 23%) of its GLA and 9% to US Dollar (2017: 9%).

The Group's secured banking facilities are 31% (2017: 0%) Rouble denominated, 35% (2017: 8%) Euro and 34% (2017: 92%) of US Dollar, at year end exchange rates. We expect to convert all remaining US Dollar facilities in the current year.

Each of the facilities secured on our property assets sits in a special purpose vehicle ("SPV") structure to minimise recourse to the overall portfolio. At the year end, asset specific debt represented 54.1% loan to value (2017: 53%).

Our average letting size by tenant is 9,000sqm (2017: 8,760sqm). We do not have one tenant with more than 8% (2017: 11%) of our portfolio's GLA and the top ten tenants account for 42% (2017: 41%) of our portfolio in GLA terms and 53% (2017: 54%) in income terms.

Key Performance Indicators ('KPIs')

Occupancy levels and average Rouble rental levels achieved are our primary operating focus.

The ability to distribute to ordinary shareholders from cash covered underlying earnings and operating cash flows after interest remains our focus when determining distribution policy.

All of the above underpin financial targets set for annual bonus incentives.

Portfolio Review

Leasing and maturities

 
 Warehouse              Moscow   St Petersburg     Regions 
                  ------------  -------------- 
 Space (000sqm)    1,331 (70%)       272 (15%)   287 (15%) 
 NOI (GBPm)           81 (80%)          9 (9%)    11 (11%) 
----------------  ------------  --------------  ---------- 
 Office                 Moscow   St Petersburg     Regions 
----------------  ------------  --------------  ---------- 
 Space (000sqm)              -       49 (100%)           - 
 NOI (GBPm)                  -        9 (100%)           - 
----------------  ------------  --------------  ---------- 
 

During the year we completed two acquisitions; the final phase of Logopark Sever, a warehouse complex north of Moscow, and Logopark Volga, a warehouse complex with development land in Nizhny Novgorod. In aggregate these were acquired for a total consideration of Roubles 5.3 billion for 123,200sqm at a blended initial annualised yield of 12.4% assuming the leasing of vacant space. The acquisitions did not have a material impact on income in 2018 but we expect them to contribute Roubles 580 million of NOI during 2019.

Occupancy has improved considerably during the year and stands at 90% today with a further 1% covered by letters of intent ("LOIs").

 
 '000sqm                             2018   2019   2020   2021   2022-2032   Total 
---------------------------------  ------  -----  -----  -----  ----------  ------ 
 Maturity profile at 1 January 
  2018                                169    264    308    236         495   1 472 
 Acquisitions                           -      4      -      -         107     111 
 Subtotal                             169    268    308    236         602   1 583 
 Renegotiated and extended          (102)   (64)   (50)      -        (37)   (253) 
 Maturity profile of lease 
  extensions                            -     41     10     84         118     253 
 Vacated/terminated                  (67)    (5)    (4)      -        (16)    (92) 
 New Lettings                           -     15      1     39         186     241 
 Maturity profile at 31 December 
  2018                                  -    255    265    359         853   1 732 
---------------------------------  ------  -----  -----  -----  ----------  ------ 
 

253,000sqm of existing leases have been renegotiated and extended in the financial year and 241,000sqm of new leases signed. Significant new lettings include 11,800sqm to Accord Post, 16,000sqm to Mir Instrumenta, 16,200sqm to Cotton Club and 18,200sqm to Perspectiva, all in Moscow.

Space vacated on maturity, breaks exercised and early terminations totalled 92,000sqm which, together with existing vacant space, gives 206,000sqm of vacancy in our warehouse portfolio at 31 December 2018. There are also potential breaks in the portfolio of 91,600sqm in 2019 and 199,900sqm in 2020. For 2019 we currently expect tenants who occupy circa 17,000sqm to exercise their breaks and vacate.

Since the year end we have signed a further 31,850sqm of deals of which 23,000sqm were new lettings and 8,850sqm were renewals or extensions. We currently have 79,800sqm of LOI's for renewals, extensions and new lettings. If these are signed vacancy will reduce by a further 24,250sqm.

At the year end 26% (2017: 31%) of our warehouse GLA had US Dollar denominated leases with an average warehouse rental level of $148 per sqm (2017: $143 per sqm) and a weighted average term to maturity of 2.1 years (2017: 3.0 years). Rouble denominated leases account for 61% (2017: 47%) of our total warehouse space with an average warehouse rent of Roubles 4,900 per sqm (2017: 5,200 per sqm) and weighted average term to maturity of 4.5 years (2017: 3.6 years). Rouble leases have an average minimum annual indexation of 5.9% (2017: 6.8%).

 
 Currency exposure of warehouse space      USD     RUB     EUR   Vacant   Total 
                                           sqm     sqm     sqm      Sqm     sqm 
                                          '000    '000    '000     '000    '000 
                                        ------  ------  ------  -------  ------ 
                                           485   1,149      50      206   1,890 
                                        ------  ------  ------  -------  ------ 
 % of total                                26%     61%      2%      11%    100% 
                                        ------  ------  ------  -------  ------ 
 
 
 Currency exposure of NOI    USD   RUB   EUR   Total 
 % of total                  51%   42%    7%    100% 
                            ----  ----  ----  ------ 
 

The currency split is based on the year end Sterling presentation so will be somewhat volatile, a weak Rouble, as was the case last year, will increase the contribution of US Dollar pegged leases, a stronger Rouble will reduce that contribution.

Investment Portfolio

Moscow

We have ten warehouse projects in Moscow totalling 1,331,000sqm with 88% of space let at the year end, excluding LOIs, up from 78% at the beginning of the year.

 
                                               2018     Year end 
 Warehouse complex    Space (000 sqm)    NOI (GBPm)    Occupancy 
                     ----------------  ------------ 
 Sever                            253           8.0          87% 
 Pushkino                         214          11.6          94% 
 Istra                            206          17.5          93% 
 Noginsk                          204          18.0          77% 
 Klimovsk                         157          11.2          97% 
 Krekshino                        118          12.3          99% 
 Nova Riga                         68           1.1          50% 
 Lobnya                            52          0.2*          99% 
 Sholokhovo                        45           0.1          80% 
 Southern                          14           0.5          79% 
-------------------  ----------------  ------------  ----------- 
 

*Excludes space let to Roslogistics

Occupancy has improved in the Moscow portfolio with a net, like for like, increase in occupied area of 132,500sqm during the year, a combination of new letting and successful lease renewals. The Moscow market has seen vacancy decrease and record take up in the past year reflected in a hardening of rents. The market is well set for rental growth in 2019. We expect occupancy to remain in the low 90%'s during the year, held back slightly by over 90,000sqm expiring in Krekshino towards the end of June. We are already working to mitigate this by pro-actively leasing space prior to expiry.

St Petersburg and Regions

 
                                               2018     Year end 
 Warehouse complex    Space ('000sqm)    NOI (GBPm)    Occupancy 
                     ----------------  ------------ 
 St Petersburg 
 Shushary                         148          5.0*         100% 
 Gorigo                            87           2.6          67% 
 Pulkovo                           37           1.8          88% 
-------------------  ----------------  ------------  ----------- 
 Regions 
 Novosibirsk                      121          6.6*          97% 
 Rostov                           102          4.5*          91% 
 Nizhny Novgorod                   64           0.1         100% 
-------------------  ----------------  ------------  ----------- 
 

*Excludes space let to Roslogistics

Warehouse occupancy in the regional markets of St Petersburg, Rostov and Novosibirsk has strengthened and we have seen a lot of activity. Vacancy has reduced in all three markets as at today's date and rents have begun to grow, particularly in Novosibirsk where we are now commanding over Roubles 4,000 per sqm.

Tenant Mix

 
 Warehouse            Distribution      Retail   Manufacturing            Third Party Logistics   E-commerce     Other 
  Tenant Type                                                                         operators 
                     -------------  ----------  --------------  -------------------------------  ----------- 
 
   Space ('000sqm)       322 (19%)   519 (31%)       212 (13%)                        559 (33%)      45 (3%)   27 (1%) 
-------------------  -------------  ----------  --------------  -------------------------------  -----------  -------- 
 

Office Portfolio

We have continued implementing our asset management strategy in the St Petersburg office properties. At Kellerman, we have undertaken cosmetic improvements to the common areas, restructured leases and re-let space at enhanced rents. There is more work to do, but the market is strong and we expect to make additional improvements in value and income. In Primium where the lease of the sole tenant expires in the summer, we have already put in place a comprehensive re-letting plan which will mean we suffer little or no vacancy on expiry, including recently signing a new lease with Tele2 on 4,000sqm.

 
 Office           Space ('000sqm)   NOI (GBPm)   Occupancy 
                 ----------------  ----------- 
 St Petersburg 
 Kellerman                     22          3.1         99% 
 Constanta                     16          1.8        100% 
 Primium                       11          3.8         91% 
---------------  ----------------  -----------  ---------- 
 

Portfolio Yields

 
 Use/Year      Moscow (%)   St Petersburg (%)   Regions (%) 
             ------------  ------------------ 
 Warehouse 
       2017    11.25-12.5                12.5          12.5 
       2018    11.00-12.6          12.30-12.5    12.25-12.5 
 Office 
       2017             -         11.00-12.25             - 
       2018             -         12.00-12.25             - 
-----------  ------------  ------------------  ------------ 
 

The investment properties and additional phases of existing projects were valued by Jones Lang LaSalle ("JLL") at the year end, in accordance with the RICS Valuation and Appraisal guidelines, and are carried at a market value of GBP1.2 billion (see notes 11 & 12 to the financial statements). This has resulted in a net loss on revaluation of GBP121 million in portfolio value during the year, although in Rouble terms the value of the properties has increased by 8%.

All significant yield inputs have remained static for the year reflecting a reasonably stable market place. JLL still quote a range of yields across all sectors to reflect the difference in quality of assets, leases and differing currencies. The yields used for the portfolio fall within this range.

The property investment market had a very slow year in 2018 with the volume of transactions dropping by around 40%. The political environment and additional sanctions conspired to make many investors sit on their hands, either waiting for things to get better (sellers) or get worse (buyers). Domestic buyers remain the largest part of the market with western capital almost non existent, foreign investment instead coming from China and the Middle East. The cost of finance has remained broadly flat during the year although the Central Bank of Russia did raise its key lending rate marginally to combat inflation.

Land Bank

 
                         Location    Property/Warehouse    Land plot size 
                                      Complex                        (ha) 
                        ----------  -------------------- 
 Additional phases of 
  completed property     Moscow      Noginsk                           26 
   Nova Riga                                                           25 
   Lobnya                                                               6 
 
  Regions     Rostov-On-Don                                            27 
   Nizhny Novgorod                                                     22 
  ------------------------------------------------------  --------------- 
 Land bank               Regions     Omsk                              19 
   Omsk 2                                                               9 
 
   Nizhny Novgorod                                                     44 
  ------------------------------------------------------  --------------- 
 Total                                                                178 
--------------------------------------------------------  --------------- 
 

In Moscow, as the market tightens, we are considering developing up to an additional 75,000sqm at Nova Riga, subject to pre lets or Build to Suit requests.

The Market

Demand in 2018 was at record levels in Moscow and the Moscow region where we have the majority of our assets. Take up in 2018 was 1,600,000sqm with new supply at 918,000sqm, causing the vacancy rate to shrink. Demand was strongest from the retail and distribution businesses which accounted for 40% and 14% respectively. E-commerce is now an increasing area of demand with total space of 208,000sqm taken by the sector in 2018. This is a strengthening trend and already in 2019 we have seen Ozon lease 122,000sqm in Moscow and Yandex negotiating for up to 80,000sqm. We expect take up from the e-commerce sector to accelerate over the next few years, mirroring other European markets.

The vacancy rate in the market is now around 5% and rents have clearly started to grow. Whilst there are still specific sub markets where demand is weaker and rents lower, the general consensus is that the market is poised for another strong year. A lot will depend on the supply side and the volume of build to suit projects ("BTS") that are actually delivered. Preliminary estimates show that new delivery will be circa 990,000sqm and demand expected to be circa 1,400,000sqm. Of that only 416,000sqm or 42% will be speculative. History tells us the supply side is generally over estimated or delayed, so all things being equal rents should continue to grow. Construction cost inflation is starting to develop, driven partly by the currency effect of imported specialist materials and also by rising labour costs. This will result in less space being built or rents increasing as developers look to maintain their profit levels.

Last year prime rents were in a range from Roubles 3,600 per sqm to Roubles 4,000 per sqm for Grade A space. Today the bottom end of that range has increased to closer to Roubles 3,800 per sqm and the top end is pushing above Roubles 4,000 per sqm. We are already negotiating deals around Roubles 4,000 per sqm and as vacancy continues to decline tenants will be faced with less choice hopefully causing rents to rise further. In St Petersburg and our two regional hubs of Rostov and Novosibirsk rental levels are broadly the same as in Moscow.

Investment volumes in the year decreased to $2.9 billion, with 66% of this in Moscow. Over 72% of all deals were funded by Russian capital, and only 14% of the total capital or $400 million went into the warehouse sector. JLL predict prime yields in the range of 10.75-12.25% for Moscow warehouses. We are seeing a number of new acquisition opportunities, although our preference is to acquire newly completed or recently let properties as these generally offer the best long term prospects for value appreciation and sustainable cash flows.

2019 has started positively and all local indicators seem to point to improvements in occupancy and rents. Yields will remain a function of interest rates and the strength of investor appetite, but if rents begin to grow then yields should certainly begin to adjust downwards to reflect the potential of rental growth from under rented leases expiring. In any other European market yields would be considerably lower than we see today, and in the medium term this must be an opportunity.

Finance Review

Asset acquisitions and increased occupancy in the investment portfolio have supported our net rental income. The second half of the year has also seen a concerted effort to reduce our exposure to US Dollar financing, moving to a Rouble/Euro mix. The balance sheet at 31 December 2018 gives a snapshot of the business part way through that process and we are very pleased with progress so far. In the current year we expect to convert all remaining US Dollar debt facilities and then move steadily to a Rouble balance sheet in the medium term, with an eye on managing the dynamic between the cost of debt and currency exposure as we go along.

At 31 December 2018, JLL have undertaken Rouble valuations of our investment portfolio for the first time, rather than US Dollar. Combined with the Group's balance sheet debt transitioning out of US Dollars, this has triggered a review of all of the functional currencies of our subsidiaries. Where previously some of our asset owning subsidiaries had a mix of Rouble and US Dollar functional currency, they are now wholly Rouble functional currency from 31 December 2018. As the US Dollar has a reducing impact on both our operating results and balance sheet, we have also made the decision to revert to Sterling as our presentation currency, being the currency of our capital instruments.

Income Statement

We continue to assess our ability to make covered distributions with reference to underlying earnings and operating cash flows after interest. The former also allows a comparison of operating results before mark to market valuation movements. The reconciliation between underlying and IFRS earnings is given in note 9 to the accounts.

 
 Underlying Earnings                                2018       2017 
 (Adjusted non IFRS measure)                     GBP'000    GBP'000 
---------------------------------------------  ---------  --------- 
 Net rental and related income                   118,285    129,696 
 Administrative expenses                        (22,714)   (19,688) 
 Long term incentives                                  -    (1,257) 
 Foreign exchange (losses)/gains                 (2,480)      6,132 
 Share of profits of joint ventures                1,630      1,611 
                                               ---------  --------- 
 Operating profit                                 94,721    116,494 
 Net finance charge                             (68,510)   (60,592) 
                                               ---------  --------- 
 Underlying profit before tax                     26,211     55,902 
 Tax                                             (6,197)   (12,524) 
 Underlying profit after tax                      20,014     43,378 
                                               --------- 
 
 Basic underlying earnings per share (cents)       3.12p      6.54p 
---------------------------------------------  ---------  --------- 
 

When comparing to 2017, this year's results are distorted by two items. Firstly, the one off income of GBP16.4 million generated from UK land bank sales in 2017 and a negative swing of GBP8.6 million on unrealised foreign exchange movements, the latter being the effect of the weak Rouble rate at 31 December 2018 of 88.3 to GBP1 (31 December 2017: 77.9). This masks the improved performance of our underlying investment portfolio.

Net Rental and Related Income

 
                                      2018       2017 
                                   GBP'000    GBP'000 
 Acquisitions                       18,152      8,304 
                                 ---------  --------- 
 Existing Investment Portfolio      91,632     95,418 
                                 ---------  --------- 
 RosLogistics                        8,124      9,601 
                                 ---------  --------- 
 UK Land Sales                         377     16,373 
                                 ---------  --------- 
 Net rental and related income     118,285    129,696 
                                 ---------  --------- 
 

The table above illustrates the impact of acquisitions and the proceeds from the UK land sales in 2017 on our net rental income over the last two years.

The majority of the movement on the existing investment portfolio is simply the translation to Sterling presentation, the weaker average Rouble/Sterling rate in 2018 of 83.7 (2017: 75.2) reducing equivalent Sterling amounts. The existing investment portfolio actually generated increased Rouble income of 7.7 billion in 2018 compared to 7.2 billion 2017, higher occupancy matching any step down to market rents, and we expect a full year of income from acquisitions in 2019 to contribute Roubles 1.9 billion.

Underlying Administrative Expenses

Underlying administrative expenses increase primarily as a result of bonuses paid in early 2018 in relation to 2017 performance targets. Legal and professional expenses increased in the year for various reasons including an increase in valuation fees with the change in valuation approach, PR costs and finance related costs.

Underlying Net Finance Charge

Net finance costs increase with a full year of preference share coupon on the tranche raised in 2017, the refinancing of acquisitions and a reduction in interest received as our average cash balances reduced.

IFRS Earnings

 
 IFRS Earnings                                               2018       2017 
                                                          GBP'000    GBP'000 
-----------------------------------------------------  ----------  --------- 
 Net rental and related income                            118,285    129,696 
 Administrative expenses                                 (25,150)   (22,099) 
 Share based payments and other long term incentives      (2,853)    (3,517) 
 Foreign exchange (loss)/profits                          (2,480)      6,132 
 Share of joint venture profits                             1,630      1,611 
                                                       ----------  --------- 
 Operating profit                                          89,432    111,823 
 (Loss)/Profit on revaluation                           (121,009)     28,235 
 Net finance charge                                      (83,311)   (71,737) 
                                                       ----------  --------- 
 IFRS (loss)/profit before tax                          (114,888)     68,321 
 Tax                                                      (5,793)   (25,182) 
                                                       ----------  --------- 
 IFRS (loss)/ profit after tax                          (120,681)     43,139 
-----------------------------------------------------  ----------  --------- 
 

The difference between underlying earnings and IFRS earnings is principally down to mark to market movements on various items, the most obvious being the property revaluation loss of GBP121 million in the year (see comments below). New interest hedging arrangements on Russian Central Bank rates generated increased volatility on mark to market movements and the amortisation of loan origination costs and premiums payable on preference shares also has an impact (see note 7). Administration expenses include GBP1.6 million of abortive deal costs relating to one potential acquisition project and the final charge for the Retention Scheme is also expensed in share based payments.

Investment Properties

Our investment properties valuation (note 11) harbours the majority of the foreign exchange impact on our Sterling net asset value. The Rouble valuation movement on the portfolio was positive as ERVs and yields began to tighten, giving a Rouble 8.9 billion uplift in the year. However, the change in functional currency from US Dollars to Roubles at a time of Rouble weakness, the year end US Dollar rate being 69.4 compared to an average of 62.8 in the year, gives a significant foreign exchange loss as part of the revaluation movement. This is partly offset by a presentational currency gain through reserves when switching to Sterling presentation. The allocation of these unrealised foreign exchange gains and losses is down to accounting convention but the fundamentals do not change. The underlying Rouble metrics are improving but a weak year end Rouble rate means our Net Assets at 31 December 2018 reduce when converted to the reporting currency.

Debtors and Creditors

Larger movements in debtors and creditors relate to financing and acquisition costs. Derivative financial instruments increase to GBP22.3 million following the acquisition of interest caps on Russian Central Bank rates. Trade and other receivables reduce on receipt of deferred consideration on the UK Land sales completed in 2017 and the recovery of VAT on asset acquisitions. Deferred consideration on acquisitions falls to GBP12.2 million from GBP25.3 million in 2017, reducing Trade and other payables and long term other payables. Construction payables reduce following the completion of a one off project at Pushkino.

Cash and Debt

The profile of our cash and debt has changed significantly over the last 24 months and it is simpler to look at the combined cash flows over the last two years to better understand how the various elements interact. This also deals with the distortion of a refinancing which straddled the 2017 year end.

 
 Cash Flow Summary                                                 24 months 
                                                                 to 31 December 
                                                                      2018 
                                                                    GBP'000 
-------------------------------------------------------------  ---------------- 
 Operating cash generated after net interest paid                        58,480 
 Ordinary shares purchased in tender offers                            (39,533) 
                                                               ---------------- 
                                                                         18,947 
                                                               ---------------- 
 
 Property improvements and plant and equipment                         (24,133) 
 
   Acquisition cash flows                                             (210,837) 
 Convertible preference shares issued and warrants exercised            103,309 
 Debt financing and related costs                                        35,299 
                                                               ---------------- 
                                                                       (72,229) 
                                                               ---------------- 
 
 Net decrease in cash and cash equivalents                             (77,415) 
 
 Cash and cash equivalents at 1 January 2017                            160,559 
 Effect of foreign exchange rate changes                                (9,694) 
                                                               ---------------- 
 Cash and cash equivalents at 31 December 2018                           73,450 
-------------------------------------------------------------  ---------------- 
 

The Group has used a combination of the convertible preference share issue, debt refinancing and existing cash reserves to fund acquisitions and other capital requirements. Tender offer distributions are funded from operating cash after interest, including preference share coupon paid.

 
 Bank Debt                                                   2018   2017 
                                                             GBPm   GBPm 
---------------------------------------------------------  ------  ----- 
 Fixed rate debt                                                -    141 
 Debt hedged with caps                                        543    481 
                                                           ------  ----- 
                                                              543    622 
 Unhedged debt                                                106     10 
                                                           ------  ----- 
                                                              649    632 
 Unamortised loan origination costs and accrued interest      (6)    (7) 
 Total debt                                                   643    625 
                                                           ------ 
 Weighted average cost of debt                              7.69%  7.62% 
                                                           ------  ----- 
 Weighted average term to maturity                            4.0    4.5 
---------------------------------------------------------  ------  ----- 
 

Significant progress has been made moving secured debt facilities out of US Dollar and increasing Rouble exposure to match the Group's changing income profile.

The currency profile of secured debt at 31 December 2018 was:

 
                     $ millions   EUR millions   RUB millions 
 31 December 2018        $276.7       EUR247.3       17,523.4 
                    -----------  -------------  ------------- 
 31 December 2017        $777.2        EUR53.2              - 
                    -----------  -------------  ------------- 
 

At the year end, the Group had 15 separate secured facilities, five US Dollar denominated, three Euro denominated and seven, a blended mix of Rouble and Euro. The average split on the blended facilities is 61% Rouble, 39% Euro. Higher US LIBOR and the effect of the Rouble loans have increased our weighted average cost of debt to 7.69% from 7.62%. The Group also had one small unsecured facility.

The debt maturity profile at the year end is:

 
                              2019   2020   2021   2022   2023   2024   2025 
 Debt maturing GBP million      55      -    163     94     88    206     43 
                             -----  -----  -----  -----  -----  -----  ----- 
 Percentage maturing            9%      -    25%    14%    13%    32%     7% 
                             -----  -----  -----  -----  -----  -----  ----- 
 Number of facilities            3      -      4      1      2      5      1 
                             -----  -----  -----  -----  -----  -----  ----- 
 

Of the three facilities maturing in the current year, one was extended in January and we are finalising terms on the remaining two. Of the five US Dollar facilities remaining, one has been converted since the year end and we have agreed terms on the conversion of the others and expect the majority to have switched to a Rouble/Euro mix by the half year. We have refinanced all of the projects acquired in the last two years except for Nizhny Novgorod. That is now at document stage and will be a Rouble facility.

The wholesale change in the secured facility profile has meant that we have adapted our interest hedge cover, purchasing a series of caps with terms of between 5 and 7 years. The total cost of this exercise was GBP18.7 million, the majority of cost for capping Rouble facilities at a strike of 8.25bps for the Central Bank Rate. Since the year end, we have sold existing US LIBOR hedging instruments for GBP2.3 million.

Taxation

Tax paid reduces in the year, partly a function of exchange rates when converting the Rouble expense and no significant deferred tax liability movements when compared to 2017. In cash terms, GBP7.3 million was paid in the year (2017:GBP11.0 million).

Net Asset Value

With our change in presentation currency we include 3 years of balance sheets in our primary statement. This illustrates the impact of the Rouble volatility on our equivalent Sterling Net Asset Value this year. A reasonably benign year of exchange volatility in 2017 meant no significant foreign exchange hit to net assets but as explained in the investment property section above, the weakening Rouble in the last quarter of 2018 had a detrimental impact on our Sterling Diluted Net Asset Value per share, dropping from 59p to 48p in the year.

Subsidiaries

Roslogistics' underlying Rouble results were slightly down on prior year with transport reducing contribution and overheads up slightly. The majority of the variance to 2017 however is the conversion to Sterling with the weaker Rouble.

Raven Mount was effectively dormant this year after the flurry of land sales in 2017. The joint venture at "The Lakes" continues to make a steady contribution of GBP1.6 million to profit and GBP3.0 million in dividends in the year.

Risk Report

Risk Appetite

As explained in last year's annual report, the Group is adapting its balance sheet to deal with the heightened foreign exchange risk that followed the depreciation of the Rouble in late 2014:

- We reduced existing US Dollar gearing to dampen the effects of Rouble exchange rate volatility on secured debt covenant requirements;

   -     We have completed a number of acquisitions to enhance our Rouble income streams; and 
   -     We are now converting all of our US Dollar secured debt into a Rouble/Euro mix of facilities. 

We are well into the last stage of this transition and expect to completely eliminate any exposure to US Dollar facilities in the current year. As well as re-balancing our currency risk we believe that this will also reduce our exposure to future sanctions risks.

The fundamentals of our market have stabilised and there is a distinct possibility of a continued tightening in supply putting pressure on ERVs and property yields. We intend to continue with our acquisition and growth strategy to take advantage of the opportunities that will arise.

Risk Management and Internal Controls

Risk assessment is built into the Group's operating model and performed throughout the organisation as part of day to day operations. The Board is ultimately responsible for the management of risk and regularly carries out a robust assessment of the principal risks and uncertainties affecting the business, discusses how these may impact on operations, performance and solvency and what mitigating actions, if any, can be taken. The Audit Committee is responsible for ensuring that the internal control procedures are robust and that risk management processes are appropriate. A fuller explanation of the process is given in the Audit Committee Report. The Cypriot holding company is an important part of the day to day management of the Group's operational risks through its authorisation procedures and management oversight duties. It has also recently engaged an outsourced, internal audit function to assist with its responsibilities in managing and monitoring the effectiveness of the internal control systems in place between Cyprus and Russia. The weekly operational committee meetings for each department within the Group allow operational and management information to flow through the Group's risk matrix in a timely manner.

The risk management process is designed to identify, evaluate and mitigate any significant risk the Group faces. The process aims to manage rather than eliminate risks and can only provide reasonable and not absolute assurance.

No significant failings or weaknesses in the internal control and risk assessment procedures have been identified during the year.

Principal Risks and Uncertainties

We have set out in the following tables the principal risks and uncertainties that face our business, our view on how those risks have changed during the year and a description of how we mitigate or manage those risks. We have also annotated those risks that have been considered as part of the viability assessment.

Political and Economic Risk

 
 Risk                    Impact                           Mitigation                                 Change 
                                                                                                      in 2018 
 Oil and Gas dependent 
  economy                  Reduced consumer demand 
  (Viability Statement     has an impact on our                                                        -> 
  Risk)                    customer base, reducing          With little or no speculative 
                           appetite for new lettings,       development in the market, research 
  Oil price volatility     the renewal of existing          continues to forecast a drop in 
  returns leading          leases and restricting           vacancy and a tightening of rental 
  to a weakening           rental growth. This              levels. 
  Rouble                   also leads to impaired 
                           asset values.                    We are reducing the balance sheet 
                                                            reliance on foreign currency debt 
                           The weak Rouble increases        and this will continue in the 
                           the cost of servicing            current year. 
                           foreign currency debt. 
                        -------------------------------  -----------------------------------------  --------- 
 Sanctions 
 
  The use of economic      Continued isolation              The local market has accepted              -> 
  sanctions by the         of Russia from international     the inevitability of long term 
  US and EU continues      markets and a return             economic sanctions and this has 
  for the foreseeable      to a declining Russian           played its part in the fundamental 
  future.                  economy.                         changes to the Russian economy. 
                                                            We have adapted our business model 
                                                            to secure our position in the 
                                                            market. However, the risk of increased 
                                                            sanctions remains. 
                        -------------------------------  -----------------------------------------  --------- 
 

Financial Risk

 
 Risk                     Impact                         Mitigation                              Change 
                                                                                                  in 2018 
 Foreign Exchange 
  (Viability Statement 
  Risk)                     A weakening of the             We have significantly reduced 
                            Rouble against those           our exposure to foreign currency 
  At the year end,          foreign currencies             secured debt facilities and will 
  26% of warehouse          reduces our ability            continue to do so in the current 
  GLA and 69% of            to service debt and            year. 
  secured debt had          reduces our profitability. 
  foreign currency                                         Our acquisition strategy and higher 
  exposure.                 US Dollar pegged leases        occupancy support our rental income 
                            contribute above market        levels with market level Rouble 
                            rental income. As              income. 
                            those leases mature, 
                            rental income will 
                            drop. 
                         -----------------------------  --------------------------------------  --------- 
 Interest rates                                                                                  -> 
  (Viability Statement 
  Risk)                     The cost of debt increases     The majority of our variable cost 
                            and Group profitability        of debt is hedged with the use 
  Increases in Central      and debt service cover         of caps with terms matching the 
  Bank Rates and            reduce.                        debt maturity profile 
  financing benchmarks. 
                         -----------------------------  --------------------------------------  --------- 
 

Property Investment

 
 Risk                             Impact                          Mitigation                                 Change 
                                                                                                              in 2018 
 Acquisitions 
   (Viability Statement                                                                                        -> 
   Risk)                          Legacy issues may                 We have a strong senior management 
  Our acquisition                 erode earnings enhancement        team in both our Cyprus and Moscow 
   activity has increased         and integration into              offices with international and 
   significantly and              our existing systems              Russian experience in real estate 
   we operate in an               may involve excessive             acquisitions. 
   immature investment            management resource.              -- 
   market where legacy                                              External advisers undertake full 
   issues are common                                                detailed due diligence on any 
   with Russian acquisitions.                                       acquisition projects. 
                                                                    -- 
                                                                    -- 
                               --------------------------------  -----------------------------------------  --------- 
 Leases                         This can lead to uncertainty      We have a proactive property management    -> 
  (Viability Statement           of on going annualised            team and continued open dialogue 
  Risk)                          income due to lease               with tenants. 
  Market practice                break clauses. 
  increasingly incorporates                                        We have a dedicated project management 
  lease break requirements       There is additional               resource assigned to construction 
  and landlord fit-out           landlord risk attached            and fit-out obligations under 
  obligations.                   to the delivery of                leases. 
                                 tenant fit-out requirements. 
                                                                   Market conditions are improving 
                                                                   with rents increasing and vacancy 
                                                                   dropping. Lease breaks are less 
                                                                   likely to be exercised in this 
                                                                   market and tenants are signing 
                                                                   longer leases on new lettings. 
                               --------------------------------  -----------------------------------------  --------- 
 Capital Expenditure            Properties become                 We have put in place a capital             NEW 
  (Viability Statement           less attractive to                expenditure programme to maintain 
  Risk)                          prospective tenants               our properties at a Grade A level. 
                                 or lower rental values            These works should protect or 
  As 75% of our                  are achieved.                     even enhance levels of rent achievable. 
  warehouse portfolio 
  was built between 
  2007 and 2009 
  some elements 
  of the buildings 
  require replacement 
  or modernisation. 
                               --------------------------------  -----------------------------------------  --------- 
 
 

Russian Domestic Risk

 
 Risk                    Impact                           Mitigation                                    Change 
                                                                                                         in 2018 
 Legal Framework                                                                                        -> 
 
  The legal framework      The large volume of              We have an experienced in house 
  in Russia continues      new legislation from             legal team including a litigation 
  to develop with          various state bodies             specialist. We use a variety of 
  a number of new          is open to interpretation,       external legal advisors when appropriate. 
  and proposed laws        puts strain on the 
  expected to come         judicial system and              Our lease agreements have been 
  into force in            can be open to abuse.            challenged and have proven to 
  the near future.                                          be robust in both ICAC arbitration 
                                                            and in Russian Courts. 
                        -------------------------------  --------------------------------------------  --------- 
 Russian Taxation 
 
  Russian tax code         Tax treaties may be              Our business is a significant                 -> 
  is changing in           renegotiated and new             contributor to inward investment 
  line with global         legislation or clarification     in the Russian logistics sector. 
  taxation trends          of existing practice             Our structure has developed to 
  in areas such            may increase the Group's         deal with the commercial risks 
  as transfer pricing,     tax expense.                     of operating in Russia rather 
  beneficial ownership                                      than to take advantage of tax 
  of cross border                                           benefits. Management and control 
  cash flows and                                            is exerted as appropriate in each 
  capital gains                                             jurisdiction and the skills and 
  tax.                                                      experience of staff in each office 
                                                            reflect that commercial requirement. 
 
                                                            Ultimately, Russia remains a relatively 
                                                            low tax jurisdiction with 20% 
                                                            Corporation tax. 
                        -------------------------------  --------------------------------------------  --------- 
 

Personnel Risks

 
 Risk                 Impact                    Mitigation                              Change 
                                                                                         in 2018 
 Key Personnel 
                                                                                          -> 
  Failing to retain     Strategy becomes more     The Remuneration Committee and 
  key personnel.        difficult to flex         Executives review remuneration 
                        or implement.             packages against comparable market 
                                                  information; 
 
                                                  Employees have regular appraisals 
                                                  and documented development plans 
                                                  and targets; and 
 
                                                  We are continually addressing 
                                                  succession issues where they arise. 
                     ------------------------  --------------------------------------  --------- 
 

Change key

Increased risk in the period

-> Stable risk in the period

Decreased risk in the period

Signed for and on behalf of the Board

Colin Smith

Director

17 March 2019

Directors' Responsibility Statement

The Statement of Directors' Responsibilities below has been prepared in connection with the Company's full Annual Report and Accounts for the year ended 31 December 2018.

The Board confirms to the best of its knowledge:

The financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company and the undertakings included in the consolidation taken as a whole;

The strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

The Annual Report and Accounts, taken as a whole, are fair balanced and understandable and provide the information necessary for shareholders to assess the Company's performance, business model and strategy.

This responsibility statement was approved by the Board of Directors on 17 March 2019 and is signed on its behalf by:

   Mark Sinclair    Colin Smith 
   Chief Financial Officer    Chief Operating Officer 
 
 GROUP INCOME STATEMENT 
 For the year ended 31 December 
  2018 
                                                            2018                                 2017 
                                             Underlying    Capital                Underlying    Capital 
                                              earnings    and other     Total      earnings    and other    Total 
                                     Notes    GBP'000      GBP'000     GBP'000     GBP'000      GBP'000    GBP'000 
 
 Gross revenue                       4 / 5      162,639           -     162,639      177,000           -    177,000 
 Property operating expenditure 
  and cost of sales                            (44,354)           -    (44,354)     (47,304)           -   (47,304) 
 Net rental and related income                  118,285           -     118,285      129,696           -    129,696 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 
 Administrative expenses             4 / 6     (22,714)     (2,436)    (25,150)     (19,688)     (2,411)   (22,099) 
 Share-based payments and other 
  long term incentives                31              -     (2,853)     (2,853)      (1,257)     (2,260)    (3,517) 
 Foreign currency (losses) 
  / profits                                     (2,480)           -     (2,480)        6,132           -      6,132 
 Operating expenditure                         (25,194)     (5,289)    (30,483)     (14,813)     (4,671)   (19,484) 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 Share of profits of joint 
  ventures                            15          1,630           -       1,630        1,611           -      1,611 
 Operating profit / (loss) 
  before profits and losses 
  on investment property                         94,721     (5,289)      89,432      116,494     (4,671)    111,823 
 Unrealised (loss) / profit 
  on revaluation of investment 
  property                            11              -   (121,764)   (121,764)            -      31,284     31,284 
 Unrealised profit / (loss) 
  on revaluation of investment 
  property under construction         12              -         755         755            -     (3,049)    (3,049) 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 
 Operating profit / (loss)             4         94,721   (126,298)    (31,577)      116,494      23,564    140,058 
 
 Finance income                        7          3,286       1,583       4,869        5,627         710      6,337 
 Finance expense                       7       (71,796)    (16,384)    (88,180)     (66,219)    (11,855)   (78,074) 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 
 Profit / (loss) before tax                      26,211   (141,099)   (114,888)       55,902      12,419     68,321 
 
 Tax                                   8        (6,197)         404     (5,793)     (12,524)    (12,658)   (25,182) 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 
 Profit / (loss) for the year                    20,014   (140,695)   (120,681)       43,378       (239)     43,139 
                                            -----------  ----------  ----------  -----------  ----------  --------- 
 
 Earnings per share:                   9 
 Basic (pence)                                                          (18.81)                                6.50 
 Diluted (pence)                                                        (18.81)                                6.27 
 
 Underlying earnings per share:        9 
 Basic (pence)                                     3.12                                 6.54 
 Diluted (pence)                                   3.08                                 5.68 
 
 
 The total column of this statement represents the Group's Income Statement, 
  prepared in accordance with IFRS as adopted by the EU. The "underlying earnings" 
  and "capital and other" columns are both supplied as supplementary information 
  permitted by IFRS as adopted by the EU. Further details of the allocation 
  of items between the supplementary columns are given in note 9. 
 
 All items in the above statement derive from continuing 
  operations. 
 
 All income is attributable to the equity holders of the 
  parent company. There are no non-controlling interests. 
 
 The accompanying notes are an integral 
  part of this statement. 
 
 
 GROUP STATEMENT OF COMPREHENSIVE INCOME 
 For the year ended 31 December 
  2018 
 
                                                                   2018        2017 
                                                                  GBP'000    GBP'000 
 
 (Loss) / profit for the year                                    (120,681)     43,139 
 
 Other comprehensive income, 
  net of tax 
 Items to be reclassified to profit or loss in subsequent 
  periods: 
 Foreign currency translation 
  on consolidation                                                  49,854   (53,722) 
 Total comprehensive income for the year, 
  net of tax                                                      (70,827)   (10,583) 
                                                                ----------  --------- 
 
 
 All income is attributable to the equity holders of the parent company. There 
  are no non-controlling interests. 
 
 The accompanying notes are an integral part 
  of this statement. 
 
 
 GROUP BALANCE SHEET 
 As at 31 December 2018 
 
                                                     2018          2017        2016 
                                       Notes       GBP'000        GBP'000     GBP'000 
 Non-current assets 
 Investment property                    11           1,175,440   1,159,172   1,052,547 
 Investment property under 
  construction                          12              30,548      28,608      33,553 
 Plant and equipment                                     3,574       3,147       2,462 
 Goodwill                                                    -           -       1,523 
 Investment in joint ventures           15               6,566       7,380       7,874 
 Other receivables                      16              15,535       4,118       2,998 
 Derivative financial instruments       18              21,953       5,875       4,056 
 Deferred tax assets                    25              24,405      25,611      22,075 
                                                     1,278,021   1,233,911   1,127,088 
                                               ---------------  ----------  ---------- 
 
 Current assets 
 Inventory                                                 356         313         624 
 Trade and other receivables            17              43,658      58,386      42,518 
 Derivative financial instruments       18                 349         329         290 
 Cash and short term deposits           19              73,450     197,137     160,559 
                                                       117,813     256,165     203,991 
                                               ---------------  ----------  ---------- 
 Total assets                                        1,395,834   1,490,076   1,331,079 
                                               ---------------  ----------  ---------- 
 Current liabilities 
 Trade and other payables               20              66,192      79,427      52,667 
 Derivative financial instruments       18                   1          26         763 
 Interest bearing loans and 
  borrowings                            21              75,565      78,871      33,007 
                                                       141,758     158,324      86,437 
                                               ---------------  ----------  ---------- 
 Non-current liabilities 
 Interest bearing loans and 
  borrowings                            21             567,865     547,371     565,701 
 Preference shares                      22             109,271     108,263     106,582 
 Convertible preference shares          23             206,116     198,870      96,997 
 Other payables                         24              17,797      25,565      20,312 
 Derivative financial instruments       18                   -           -          54 
 Deferred tax liabilities               25              57,400      59,845      49,730 
                                                       958,449     939,914     839,376 
                                               ---------------  ----------  ---------- 
 Total liabilities                                   1,100,207   1,098,238     925,813 
                                               ---------------  ----------  ---------- 
 Net assets                                            295,627     391,838     405,266 
                                               ---------------  ----------  ---------- 
 
 Equity 
 Share capital                          26               6,233       6,606       6,680 
 Share premium                                         103,144     124,568     131,537 
 Warrants                               27                  98         438         996 
 Own shares held                        28             (5,965)     (3,652)     (4,692) 
 Convertible preference shares          23              11,212      11,212       6,536 
 Capital reserve                                     (281,001)   (166,494)   (186,957) 
 Translation reserve                                  (48,887)    (98,741)    (45,019) 
 Retained earnings                                     510,793     517,901     496,185 
                                               ---------------  ----------  ---------- 
 Total equity                         29 / 30          295,627     391,838     405,266 
                                               ---------------  ----------  ---------- 
 
 Net asset value per share 
  (pence):                              30 
 Basic                                                      48          60 
 Diluted                                                    48          59 
 
 The financial statements were approved by the Board of Directors 
  on 17 March 2018 and signed on its behalf by: 
 
 
 
 
 Mark Sinclair                                   Colin Smith 
 Chief Financial Officer                         Chief Operating Officer 
 
 The accompanying notes are an integral part of this 
  statement. 
 
 
 GROUP CASH FLOW STATEMENT 
 For the year ended 31 December 
  2018 
                                                                        2018        2017 
 
 
                                                              Notes    GBP'000     GBP'000 
 
 Cash flows from operating activities 
 (Loss) / profit before tax                                           (114,888)      68,321 
 
 Adjustments for: 
 Impairment of goodwill                                         6             -       1,523 
 Depreciation                                                   6           811         888 
 Provision for bad debts                                        6          (58)        (72) 
 Share of profits of joint ventures                            15       (1,630)     (1,611) 
 Finance income                                                 7       (4,869)     (6,337) 
 Finance expense                                                7        88,180      78,074 
 Loss / (profit) on revaluation of investment property         11       121,764    (31,284) 
 (Profit) / loss on revaluation of investment property 
  under construction                                           12         (755)       3,049 
 Foreign exchange losses / (profits)                                      2,480     (6,132) 
 Non-cash element of share-based payments and other 
  long term incentives                                         31         2,853       2,260 
                                                                     ----------  ---------- 
                                                                         93,888     108,679 
 Changes in operating working 
  capital 
 (Increase) / decrease in operating 
  receivables                                                             8,212       (848) 
 Decrease in other operating 
  current assets                                                           (43)         311 
 Decrease in operating payables                                         (1,627)     (1,222) 
                                                                     ----------  ---------- 
                                                                        100,430     106,920 
 Receipts from joint ventures                                  15         3,000       2,105 
 Tax paid                                                               (7,344)    (10,988) 
                                                                     ----------  ---------- 
 Net cash generated from operating 
  activities                                                             96,086      98,037 
                                                                     ----------  ---------- 
 
 Cash flows from investing activities 
 Payments for property improvements                                     (8,611)    (11,642) 
 Refund of VAT on acquisition of investment property                     12,754           - 
 Acquisition of subsidiaries                                   38      (33,826)    (68,940) 
 Cash acquired with subsidiaries                               38         1,235       3,266 
 Acquisition of investment property / payment of 
  deferred consideration on acquisition of investment 
  property                                                     11      (44,054)    (80,739) 
 Loans granted                                                            (194)           - 
 Loans repaid                                                                34           - 
 Purchase of plant and equipment                                        (2,262)     (1,618) 
 Investment in joint ventures                                  15         (533)           - 
 Interest received                                                        3,254       5,631 
                                                                     ----------  ---------- 
 Net cash used in investing activities                                 (72,203)   (154,042) 
                                                                     ----------  ---------- 
 Cash flows from financing activities 
 Proceeds from long term borrowings                                     155,628     206,641 
 Repayment of long term borrowings                                    (153,152)    (98,167) 
 Loan amortisation                                                     (23,279)    (29,684) 
 Bank borrowing costs paid                                             (50,000)    (49,475) 
                                                              26 / 
 Exercise of warrants                                           27        2,125       3,487 
 Preference shares purchased                                   22             -        (84) 
                                                              26 / 
 Ordinary shares purchased                                      28     (28,258)    (11,275) 
 Dividends paid on preference 
  shares                                                               (11,327)    (11,234) 
 Dividends paid on convertible 
  preference shares                                                    (12,716)     (9,776) 
 Issue of convertible preference 
  shares                                                       23             -      97,781 
 Premium paid for derivative financial instruments                     (18,848)     (3,680) 
                                                                     ----------  ---------- 
 Net cash generated from / (used) in financing activities             (139,827)      94,534 
                                                                     ----------  ---------- 
 Net (decrease) / increase in cash and cash equivalents               (115,944)      38,529 
 
 Opening cash and cash equivalents                                      197,137     160,559 
 Effect of foreign exchange rate 
  changes                                                               (7,743)     (1,951) 
                                                                     ----------  ---------- 
 Closing cash and cash equivalents                             19        73,450     197,137 
                                                                     ----------  ---------- 
 
 The accompanying notes are an integral part of this statement. 
 
 
 GROUP STATEMENT OF CHANGES 
  IN EQUITY 
 For the year ended 
  31 December 2018 
                                                                 Own     Convertible 
                               Share      Share                 Shares    Preference    Capital    Translation    Retained 
                               Capital    Premium   Warrants     Held       Shares      Reserve      Reserve       Earnings       Total 
 For the year ended 
  31 December 2017    Notes   GBP'000    GBP'000    GBP'000    GBP'000     GBP'000      GBP'000      GBP'000       GBP'000       GBP'000 
 At 1 January 2017               6,680    131,537        996   (4,692)         6,536   (186,957)      (45,019)       496,185       405,266 
 Profit for the 
  year                               -          -          -         -             -           -             -        43,139        43,139 
 Other 
  comprehensive 
  income                             -          -          -         -             -           -      (53,722)             -      (53,722) 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 Total 
  comprehensive 
  income for the 
  year                               -          -          -         -             -           -      (53,722)        43,139      (10,583) 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
                       26 
 Warrants exercised    / 27        139      3,905      (558)         -             -           -             -             -         3,486 
 Convertible 
  preference 
  shares issued        23            -          -          -         -         4,693           -             -             -         4,693 
 Conversion of 
  convertible          23 
  preference shares    / 26          5        262          -         -          (17)           -             -             -           250 
 Own shares 
  acquired             28            -          -          -     (124)             -           -             -             -         (124) 
 Own shares 
  allocated            28            -          -          -     1,134             -           -             -         (960)           174 
 Ordinary shares       26 
  cancelled            / 28      (218)   (11,136)          -        30             -           -             -             -      (11,324) 
 Transfer in 
  respect 
  of capital losses                  -          -          -         -             -      20,463             -      (20,463)             - 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 At 31 December 
  2017                           6,606    124,568        438   (3,652)        11,212   (166,494)      (98,741)       517,901       391,838 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 For the year ended 
  31 December 2018 
 Loss for the year                   -          -          -         -             -           -             -     (120,681)     (120,681) 
 Other 
  comprehensive 
  income                             -          -          -         -             -           -        49,854             -        49,854 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 Total 
  comprehensive 
  income for the 
  year                               -          -          -         -             -           -        49,854     (120,681)      (70,827) 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
                       26 
 Warrants exercised    / 27         85      2,380      (340)         -             -           -             -             -         2,125 
 Convertible 
 preference 
 shares issued         23            -          -          -         -             -           -             -             -             - 
 Conversion of 
 convertible           23 
 preference shares     / 26          -          -          -         -             -           -             -             -             - 
 Own shares 
  acquired             28            -          -          -   (4,235)             -           -             -             -       (4,235) 
 Own shares 
  allocated            28            -          -          -     1,886             -           -             -         (934)           952 
 Ordinary shares       26 
  cancelled            / 28      (458)   (23,804)          -        36             -           -             -             -      (24,226) 
 Transfer in respect of 
  capital losses                     -          -          -         -             -   (114,507)             -       114,507             - 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 
 At 31 December 
  2018                           6,233    103,144         98   (5,965)        11,212   (281,001)      (48,887)       510,793       295,627 
                             ---------  ---------  ---------  --------  ------------  ----------  ------------  ------------  ------------ 
 
 The accompanying notes are an integral part 
  of this statement. 
 
 
 
 NOTES TO THE FINANCIAL STATEMENTS 
 For the year ended 31 December 
  2018 
 
 1. General information 
 
  Raven Property Group Limited (the "Company") and its subsidiaries (together 
  the "Group") is a property investment group specialising in commercial real 
  estate in Russia. 
 
  The Company is incorporated and domiciled in Guernsey under the provisions 
  of the Companies (Guernsey) Law, 2008. The Company's registered office is at 
  La Vieille Cour, La Plaiderie, St Peter Port, Guernsey GY1 6EH. 
 
  The audited financial statements of the Group for the year ended 31 December 
  2018 were authorised by the Board for issue on 17 March 2019. 
 
 2. Accounting policies 
 
  Basis of preparation 
 
  The Company has taken advantage of the exemption conferred by the Companies 
  (Guernsey) Law, 2008, section 244, not to prepare company financial statements 
  as group financial statements have been prepared for both current and prior 
  periods. The Group financial statements are presented in Sterling and all values 
  are rounded to the nearest thousand pounds (GBP'000) except where otherwise 
  indicated. 
 
 The principal accounting policies adopted in the preparation of the group financial 
  statements are set out below. The policies have been consistently applied to 
  all years presented, unless otherwise indicated. 
 
 The preparation of financial statements in conformity with IFRS requires the 
  use of certain critical accounting estimates. It also requires management to 
  exercise its judgement in the process of applying the accounting policies. 
  The areas involving a high degree of judgement or complexity, or areas where 
  assumptions and estimates are significant to the financial statements, are 
  disclosed in note 3. 
 
 Going concern 
 
  The financial position of the Group, its cash flows, liquidity position and 
  borrowings are described in the Financial Review and the notes to these financial 
  statements. After making appropriate enquiries and examining sensitivities 
  that could give rise to financial exposure, the Board has a reasonable expectation 
  that the Group has adequate resources to continue operations for the foreseeable 
  future. Accordingly, the Group continues to adopt the going concern basis in 
  the preparation of these financial statements. 
 
 Statement of compliance 
 
  The financial statements of the Group have been prepared in accordance with 
  International Financial Reporting Standards adopted for use in the European 
  Union ("IFRS") and the Companies (Guernsey) Law, 2008. 
 
 Changes in accounting policies 
 
  The Group has changed the currency in which it presents its consolidated financial 
  statements from US Dollars to Sterling. A change in presentation currency is 
  a change in accounting policy which is accounted for retrospectively. The Group's 
  results for 2017, which were previously reported in US Dollars, have been restated 
  into Sterling as follows: 
  - assets and liabilities were translated into Sterling at the closing rates 
  of exchange on 31 December 2017; 
  - income and expenditure were translated into Sterling at the average rates 
  prevailing in 2017; and 
  - non-Sterling equity items were translated to Sterling at the historic rates 
  prevailing at the dates of the relevant equity transactions. 
 
 The US Dollar Sterling exchange rates used were as follows: 
                                                                           2017          2016 
 Closing rate                                                            1.3528        1.2357 
 Average rate                                                            1.2888        1.3549 
 
 
 
 Other than the change in presentation currency, the accounting policies adopted 
  are consistent with those of the previous financial year. The Group has adopted 
  new and amended IFRS and IFRIC interpretations as of 1 January 2018. The Group 
  applies for the first time, IFRS 15 Revenue from Contracts with Customers and 
  IFRS 9 Financial Instruments. 
 
  IFRS 15 does not affect the financial performance or financial position of 
  the Group but it does require additional disclosures to be made. IFRS 15 does 
  not apply to lease income, so the additional disclosures only relate to the 
  Group's revenues generated by its Roslogistics and Raven Mount reporting segments 
  and provide information as to how the nature, amount, timing and uncertainty 
  of cash flows from these revenues are affected by economic factors. These disclosures 
  are provided in note 4. 
 
  The Group has assessed the impact of IFRS 9 and concluded that it does not 
  affect the financial performance or financial position of the Group or the 
  disclosures made in its financial statements. 
 Certain new standards, interpretations and amendments to existing standards 
  have been published that are mandatory for later accounting periods and which 
  have not been adopted early. Of these the six thought to have a possible impact 
  on the Group are: 
 
  IFRS 16 Leases (effective 1 January 2019) 
  IFRIC Interpretation 23 Uncertainty over Income Tax Treatments (effective 1 
  January 2019) 
  AIP IAS 12 Income Taxes - Income tax consequences of payments on financial 
  instruments classified as equity (effective 1 January 2019) 
  AIP IAS 23 Borrowing Costs - Borrowing costs eligible for capitalisation (effective 
  1 January 2019) 
  The Conceptual Framework for Financial Reporting (effective 1 January 2020) 
  IFRS 17 Insurance Contracts (effective 1 January 2021) 
 
  The Group has assessed the impact of these changes and does not expect them 
  to significantly impact on the financial position or performance of the Group. 
  There may, however, be changes to disclosures within the financial statements. 
 
  The standards, amendments or revisions are effective for annual periods beginning 
  on or after the dates noted above. 
 
 Basis of consolidation 
 
  The consolidated financial statements incorporate the financial statements 
  of the Company, its subsidiaries and the special purpose vehicles ("SPVs") 
  controlled by the Company, made up to 31 December each year. Control is achieved 
  where the Company is exposed, or has rights, to variable returns from its involvement 
  with or ownership of the investee entity and has the ability to affect those 
  returns through its power over the investee. 
 
  The Group has acquired investment properties through the purchase of SPVs. 
  In the opinion of the Directors, these transactions did not meet the definition 
  of a business combination as set out in IFRS 3 "Business Combinations". Accordingly 
  the transactions have not been accounted for as an acquisition of a business 
  and instead the financial statements reflect the substance of the transactions, 
  which is considered to be the purchase of investment property and investment 
  property under construction. 
 
  The results of subsidiaries acquired or disposed of during the year are included 
  in the Income Statement from the effective date of acquisition or up to the 
  effective date of disposal, as appropriate. 
 
  Where necessary, adjustments are made to the financial statements of entities 
  acquired to bring the accounting policies into line with those used by the 
  Group. 
 
  All intra-group transactions, balances, income and expenditure are eliminated 
  on consolidation. 
 
 Joint ventures 
 
  A joint venture is a contractual arrangement whereby the parties that have 
  joint control of the arrangement have rights to the net assets of the joint 
  venture. Joint control is the contractually agreed sharing of control of an 
  arrangement, which exists only when decisions about the activities require 
  unanimous consent of the contracting parties for strategic financial and operating 
  decisions. 
 
  The Group's investments in joint ventures are accounted for using the equity 
  method. Under the equity method, the investment in a joint venture is initially 
  recognised at cost. The carrying value of the investment is adjusted to recognise 
  changes in the Group's share of net assets of the joint venture since the acquisition 
  date. Any premium paid for an interest in a joint venture above the fair value 
  of the Group's share of identifiable assets, liabilities and contingent liabilities 
  is determined as goodwill. Goodwill relating to a joint venture is included 
  in the carrying amount of the investment and is neither amortised nor individually 
  tested for impairment. 
 
  The aggregate of the Group's share of profit or loss of joint ventures is shown 
  on the face of the Income Statement within Operating Profit and represents 
  the profit or loss after tax. 
 
 Revenue recognition 
 
  (a) Property investment 
  Rental income from operating leases is recognised in income on a straight-line 
  basis over the lease term. Rental increases calculated with reference to an 
  underlying index and the resulting rental income ("contingent rents") are recognised 
  in income as they are determined. 
 
  Incentives for lessees to enter into lease agreements are spread evenly over 
  the lease term, even if the payments are not made on such a basis. The lease 
  term is the non-cancellable period of the lease, together with any further 
  term for which the tenant has the option to continue the lease, where, at the 
  inception of the lease, the directors are reasonably certain that the tenant 
  will exercise that option. 
 
  Premiums received to terminate leases are recognised in the Income Statement 
  as they arise. 
 
  (b) Roslogistics 
  Logistics revenue, excluding value added tax, is recognised as services are 
  provided. 
 
  (c) Raven Mount 
  The sale of completed property and land is recognised on legal completion. 
 
 Taxation 
 
  The Company is a limited company registered in Guernsey, Channel Islands, and 
  is exempt from taxation. The Group is liable to Russian, Cypriot and UK tax 
  arising on the results of its Russian, Cypriot and UK operations. 
 
  The tax expense represents the sum of the tax currently payable and deferred 
  tax. 
 
 (a) Current tax 
  The tax currently payable is based on taxable profit for the year. Taxable 
  profit differs from net profit (or loss) as reported in the Income Statement 
  because it excludes items of income and expenditure that are taxable or deductible 
  in other years and it further excludes items that are never taxable or deductible. 
  The Group's liability for current tax is calculated using tax rates that have 
  been enacted or substantively enacted by the balance sheet date. 
 
 (b) Tax provisions 
  A current tax provision is recognised when the Group has a present obligation 
  as a result of a past event and it is probable that the Group will be required 
  to settle that obligation. A provision for uncertain taxes is recorded within 
  current tax payable (see note 20). 
 
 (c) Deferred tax 
  Deferred tax is the tax expected to be payable or recoverable on differences 
  between the carrying amount of assets and liabilities in the financial statements 
  and the corresponding tax bases used in the computation of taxable profit, 
  and is accounted for using the balance sheet liability method. Deferred tax 
  liabilities are generally recognised for all taxable temporary differences 
  and deferred tax assets are recognised to the extent that it is probable that 
  taxable profits will be available against which deductible temporary differences 
  can be utilised. Such assets and liabilities are not recognised if the temporary 
  difference arises from goodwill or from the initial recognition (other than 
  in a business combination) of other assets and liabilities in a transaction 
  that affects neither the taxable profit nor the accounting profit. 
 
 The carrying amount of deferred tax assets is reviewed at each balance sheet 
  date and reduced to the extent that it is no longer probable that sufficient 
  taxable profits will be available to allow all or part of the asset to be recovered. 
  Unrecognised deferred tax assets are reassessed at each balance sheet date 
  and are recognised to the extent that it has become probable that future taxable 
  profit will allow the deferred tax asset to be recovered. 
 
  Deferred tax is calculated at the tax rates that are expected to apply in the 
  period when the liability is settled or the asset realised, based on tax rates 
  that have been enacted or substantively enacted at the reporting date. Deferred 
  tax is charged or credited in the Income Statement, except when it relates 
  to items charged or credited directly to equity, in which case the deferred 
  tax is also dealt with in equity. 
 
  Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable 
  right exists to set off current tax assets against current tax liabilities 
  and the deferred income taxes relate to the same taxable entity and the same 
  taxation authority. 
 
 (d) Value added tax 
  Revenue, expenditure, assets and liabilities are recognised net of the amount 
  of value added tax except: 
  Where the value added tax incurred on a purchase of assets or services is not 
  recoverable from the taxation authority, in which case the value added tax 
  is recognised as part of the cost of acquisition of the asset or as part of 
  the expenditure item as applicable; and 
  Receivables and payables that are stated with the amount of value added tax 
  included. 
 
  The net amount of value added tax recoverable from, or payable to, the taxation 
  authority is included as part of receivables or payables, as appropriate, in 
  the Balance Sheet. 
 
 Investment property and investment property under construction 
 
  Investment property comprises completed property and property under construction 
  held to earn rentals or for capital appreciation or both. Investment property 
  comprises both freehold and leasehold land and buildings. 
 
  Investment property is measured initially at its cost, including related transaction 
  costs. After initial recognition, investment property is carried at fair value. 
  The Directors assess the fair value of investment property based on independent 
  valuations carried out by their appointed property valuers or on independent 
  valuations prepared for banking purposes. The Group has appointed Jones Lang 
  LaSalle as property valuers to prepare valuations on a semi-annual basis. Valuations 
  are undertaken in accordance with appropriate sections of the current Practice 
  Statements contained in the Royal Institution of Chartered Surveyors Valuation 
  - Global Standards, 2017 (the "Red Book"). These are internationally accepted 
  standards of valuation. Gains or losses arising from changes in the fair value 
  of investment property are included in the Income Statement in the period in 
  which they arise. For the purposes of these financial statements, in order 
  to avoid double counting, the assessed fair value is reduced by the present 
  value of any tenant incentives and contracted rent uplifts that are spread 
  over the lease term and increased by the carrying amount of any liability under 
  a head lease that has been recognised in the Balance Sheet. 
 
  Borrowing costs that are directly attributable to the construction of investment 
  property are included in the cost of the property from the date of commencement 
  of construction until construction is completed. 
 
 Leasing (as lessors) 
 
  Leases where the Group does not transfer substantially all the risks and benefits 
  incidental to ownership of the asset are classified as operating leases. All 
  of the Group's properties are leased under operating leases and are included 
  in investment property in the Balance Sheet. 
 
 Financial assets 
 
  The Group classifies its financial assets into one of the categories discussed 
  below, depending upon the purpose for which the asset was acquired. 
 
 (a) Fair value through profit or loss 
  This category comprises only in-the-money derivatives (see financial liabilities 
  policy for out-of-the-money derivatives), which are carried at fair value with 
  changes in the fair value recognised in the Income Statement in finance income 
  or finance expense. 
 
  (b) Loans and receivables 
  These are non-derivative financial assets with fixed or determinable payments 
  that are not quoted in an active market. In the case of the Group, loans and 
  receivables comprise trade and other receivables, loans, security deposits, 
  restricted cash and cash and short term deposits. 
 
  Loans and receivables are initially recognised at fair value, plus transaction 
  costs that are directly attributable to their acquisition or issue, and are 
  subsequently carried at amortised cost using the effective interest rate method, 
  less provision for impairment. 
 
  If there is objective evidence that an impairment loss has been incurred, the 
  amount of the loss is measured as the difference between the asset's carrying 
  amount and the present value of estimated future cash flows. The amount of 
  the impairment loss is recognised in administrative expenses. If in a subsequent 
  period the amount of the impairment loss decreases and the decrease can be 
  related objectively to an event occurring after the impairment is recognised, 
  the previously recognised impairment loss is reversed. Any such reversal of 
  an impairment loss is recognised in the Income Statement. 
 
  Cash and short term deposits include cash in hand, deposits held at call with 
  banks and other short term highly liquid investments with original maturities 
  of three months or less. 
 
 Financial liabilities and equity instruments 
 
  Financial liabilities and equity instruments are classified according to the 
  substance of the contractual arrangements entered into. 
 
  The Group classifies its financial liabilities into one of the categories listed 
  below. 
 
  (a) Fair value through profit or loss 
  This category comprises only out-of-the-money derivatives, which are carried 
  at fair value with changes in the fair value recognised in the Income Statement 
  in finance income or finance expense. 
 
  (b) Other financial liabilities 
  Other financial liabilities include interest bearing loans, trade payables 
  (including rent deposits and retentions under construction contracts), preference 
  shares, convertible preference shares and other short-term monetary liabilities. 
  Trade payables and other short-term monetary liabilities are initially recorded 
  at fair value and subsequently carried at amortised cost using the effective 
  interest rate method. 
 
  Interest bearing loans, convertible preference shares and preference shares 
  are initially recorded at fair value net of direct issue costs and subsequently 
  carried at amortised cost using the effective interest rate method. Finance 
  charges, including premiums payable on settlement or redemption and direct 
  issue costs, are charged to the Income Statement using the effective interest 
  rate method. 
 
  An equity instrument is any contract that evidences a residual interest in 
  the assets of the Group after deducting all of its liabilities. The Group considers 
  the convertible preference shares to be a compound financial instrument, that 
  is they have a liability and equity component. On the issue of convertible 
  preference shares the fair value of the liability component is determined and 
  the balance of the proceeds of issue is deemed to be equity. The Group's other 
  equity instruments are its ordinary shares and warrants. 
 
 Own shares held 
 
  Own equity instruments which are acquired are recognised at cost and deducted 
  from equity. No gain or loss is recognised in the Income Statement on the purchase, 
  sale, issue or cancellation of the Group's own equity instruments. Any difference 
  between the carrying amount and the consideration is recognised in retained 
  earnings. 
 
 Share-based payments and other long term incentives 
 
  The Group rewards its key management and other senior employees by a variety 
  of means many of which are settled by ordinary, preference shares or convertible 
  preference shares of the Company. 
 
  Awards linked to or that may be settled by ordinary shares 
  The share component of the 2016 Retention Scheme may be settled in any of the 
  Company's listed securities, including ordinary shares, and as a consequence 
  falls within the scope of IFRS 2 Share-based payments. To date the instalments 
  have been settled by preference shares and convertible preference shares and 
  therefore are cash-settled transactions. The cost of cash-settled transactions 
  is recognised as an expense over the vesting period, measured by reference 
  to the fair value of the corresponding liability, which is recognised on the 
  Balance Sheet. The liability is remeasured at fair value at each balance sheet 
  date until settlement, with changes in the fair value recognised in the Income 
  Statement. Also, to the extent the Five Year Performance Plan vests in March 
  2023, the resulting entitlements will be settled in ordinary shares and thus 
  will fall within the scope of IFRS 2. 
 
  Awards not linked to or settled by ordinary shares 
  These awards are accounted for in accordance with IAS 19 Employee Benefits 
  whereby the Group estimates the cost of awards using the projected unit credit 
  method, which involves estimating the future value of the preference shares 
  or convertible preference shares, as appropriate, at the vesting date and the 
  probability of the awards vesting. The resulting expense is charged to the 
  Income Statement over the performance period and the liability is remeasured 
  at each Balance Sheet date.The cash component of the 2016 Retention Scheme 
  has been accounted for in this way. 
 
 Foreign currency translation 
 
  (a) Functional and presentation currency 
  Items included in the financial statements of each Group entity are measured 
  in the currency of the primary economic environment in which the entity operates 
  (the "functional currency"). For the Company the directors consider this to 
  be Sterling. The group financial statements are presented in Sterling and all 
  values are rounded to the nearest thousand pounds (GBP'000) except where otherwise 
  indicated and prior years have been restated as described earlier. Following 
  a move to Rouble valuations of investment property, the Russian subsidiaries 
  that hold investment property have changed their functional currency from US 
  Dollars to Roubles. 
 
  (b) Transactions and balances 
  Foreign currency transactions are translated into the functional currency using 
  the exchange rates prevailing at the dates of the transactions. Foreign exchange 
  gains and losses resulting from the settlement of such transactions and from 
  the translation at the year-end exchange rates of monetary assets and liabilities 
  denominated in foreign currencies are recognised in the Income Statement. Non-monetary 
  assets and liabilities are translated using exchange rates at the date of the 
  initial transaction or when their fair values are reassessed. 
 
  (c) On consolidation 
  The results and financial position of all the Group entities that have a functional 
  currency different from the presentation currency are translated into the presentation 
  currency as follows: 
  (i) assets and liabilities for each Balance Sheet are translated at the closing 
  rate at the date of the Balance Sheet; 
  (ii) income and expenditure for each Income Statement are translated at the 
  average exchange rate prevailing in the period unless this does not approximate 
  to the rates ruling at the dates of the transactions in which case they are 
  translated at the transaction date rates; and 
  (iii) all resulting exchange differences are recognised in Other Comprehensive 
  Income. 
 
 The exchange differences arising from the translation of the net investment 
  in foreign entities are recognised in Other Comprehensive Income. When a foreign 
  entity is sold, such exchange differences are recognised in the Income Statement 
  as part of the gain or loss on sale. Goodwill and fair value adjustments arising 
  on the acquisition of a foreign entity are treated as assets and liabilities 
  of the foreign entity and translated at the closing rate. 
 
 The results and financial position of all the Group entities that have a functional 
  currency different from the Group's presentation currency (Sterling) are translated 
  into the presentation currency using the following rates: 
 
                      2018                 2017 
 Balance 
 Sheet 
 - Roubles           88.3524               77.8800 
 - United States 
  Dollar              1.2736                1.3528 
 - Euro               1.1142                1.1266 
 
                      2018                 2017 
 Income 
 Statement 
 * 
 - Roubles           83.6890               75.1859 
 - United States 
  Dollar              1.3350                1.2888 
 - Euro               1.1304                1.1415 
 
 * These are the average rates for the twelve months ended 31 December 2017 
  and 2018, which are used unless this does not approximate the rates ruling 
  at the dates of the relevant transactions in which case the item of income 
  or expenditure is translated at the transaction date rate. 
 
 Dividends 
 
  Dividends to the Company's ordinary shareholders are recognised when they become 
  legally payable. In the case of interim dividends, this is when declared by 
  the directors. In the case of final dividends, this is when they are approved 
  by the shareholders at an AGM. 
 
 3. Critical accounting estimates and judgements 
 
  The Group makes certain estimates and judgements regarding the future. Estimates 
  and judgements are continually evaluated and are based on historical experience 
  as adjusted for current market conditions and other factors. The resulting 
  accounting estimates will, by definition, seldom equal the related actual results. 
  The estimates and judgements that have a significant risk of causing a material 
  adjustment to the carrying amounts of assets and liabilities within the next 
  financial year are outlined below. 
 
 Judgements other than estimates 
 
  In the process of applying the Group's accounting policies the following are 
  considered to have the most significant effect on the amounts recognised in 
  the consolidated financial statements: 
 
 (a) Acquisitions 
  Properties can be acquired through the corporate acquisition of a subsidiary 
  company. At the time of acquisition, the Group considers whether the acquisition 
  represents the acquisition of a business. The Group accounts for the acquisition 
  as a business combination where an integrated set of activities is acquired 
  in addition to the property. More specifically, consideration is made of the 
  extent to which significant processes are acquired and the extent of ancillary 
  services provided by the subsidiary. 
 
  When the acquisition of a subsidiary does not represent a business, it is accounted 
  for as an acquisition of a group of assets and liabilities. The cost of the 
  acquisition is allocated to the assets and liabilities acquired based on their 
  relative fair values, and no goodwill or deferred tax liabilities are recognised. 
  As detailed in note 38, the Group purchased Volga Logistics Park by acquiring 
  all of the issued share capital of the corporate vehicles that owned the property. 
 
 (b) Recognition of deferred tax assets 
  The recognition of deferred tax assets is based upon whether it is probable 
  that sufficient and suitable taxable profits will be available in the future, 
  against which the reversal of temporary differences can be deducted. Recognition, 
  therefore, involves judgement regarding the future financial performance of 
  the particular legal entity or tax group in which the deferred tax asset has 
  been recognised. 
 
 Estimates 
 
 (a) Valuation of investment property and investment property under construction 
  The best evidence of fair value are current prices in an active market for 
  similar properties. In the absence of such information, the Group determines 
  the amount within a range of reasonable, fair value estimates. In making its 
  estimation the Group considers information from a variety of sources and engages 
  external, professional advisers to carry out third party valuations of its 
  properties. The external valuations are completed in accordance with appropriate 
  sections of the current Practice Statements contained in the Royal Institution 
  of Chartered Surveyors Valuation - Global Standards, 2017 (the "Red Book"). 
  These are internationally accepted standards of valuation and are consistent 
  with the requirements of IFRS 13. In our market, where transactional activity 
  is minimal, the valuers are required to use a greater degree of estimation 
  or judgement than in a market where comparable transactions are more readily 
  available. 
 
  The significant methods and assumptions used in estimating the fair value of 
  investment property and investment property under construction are set out 
  in note 13, along with detail of the sensitivities of the valuations to changes 
  in the key inputs. 
 
 (b) Income tax 
  As part of the process of preparing its financial statements, the Group is 
  required to estimate the provision for income tax in each of the jurisdictions 
  in which it operates. This process involves an estimation of the actual current 
  tax exposure, together with assessing temporary differences resulting from 
  differing treatment of items for tax and accounting purposes. These differences 
  result in deferred tax assets and liabilities, which are included in the Balance 
  Sheet. 
 
  Russian tax legislation is subject to varying interpretations and changes, 
  which may occur frequently. New legislation and clarifications have been introduced 
  over recent years, but it remains unclear as to how these will be applied in 
  practice. The interpretation of the legislation that the Group adopts for its 
  transactions and activities may be challenged by the relevant regional and 
  federal authorities from time to time. Additionally, there may be inconsistent 
  interpretation of tax regulations by each local authority, creating uncertainties 
  in the correct application of the taxation regulations in Russia. Fiscal periods 
  remain open to review by the authorities for the three calendar years preceding 
  the years of review and in some circumstances may cover a longer period. Additionally, 
  there have been instances where new tax regulations have been applied retrospectively. 
  The level of tax reviews and court activity is increasing. The Group is, and 
  has been, subject to tax reviews which are worked through with the relevant 
  authorities to resolve. 
 
  The Group, in making its tax provision judgements, is confident that an appropriate 
  level of management and control is exerted in each of the jurisdictions in 
  which it operates, all companies are tax resident in their relevant jurisdictions 
  and are the beneficial owners of any income they receive. Local management 
  use their in house tax knowledge and previous experience as well as independent 
  professional experts when assessing tax risks and the resultant provisions 
  required. For the current year, the Group has specifically reviewed the potential 
  impact that new regulations may have on its financing arrangements and the 
  provision reflects probabilities of between 0% and 100% of possible outcomes. 
  It is reasonably possible that outcomes within the next financial year are 
  different from the assumptions made and could require an adjustment to the 
  carrying amount of the provision. 
 
 4. Segmental information 
 
  The Group has three reportable segments, which are managed and report independently 
  to the Board. These comprise: 
 
  Property Investment - acquire or develop and lease commercial property in Russia 
  Roslogistics - provision of warehousing, transport, customs brokerage and related 
  services in Russia - IFRS 15 revenue - services are provided to customers over 
  time and invoiced at appropriate intervals in accordance with the relevant 
  contract terms, with payment typically due within 10 to 45 days of invoicing; 
  and Raven Mount - sale of residential property in the UK - IFRS 15 revenue 
  - the transfer of land or property to the purchaser occurs on legal completion 
  of the sale contract, with payment typically due upon completion, though in 
  some cases a deferral may be agreed. 
 
  Financial information relating to Property Investment is provided to the Board 
  on a property by property basis. The information provided comprises gross rentals, 
  operating costs, net operating income, revaluation gains and losses and where 
  relevant the profit or loss on disposal of an investment property. The individual 
  properties have similar economic characteristics and are considered to be a 
  single reporting segment. 
 
  Information about Raven Mount provided to the Board comprises the gross sale 
  proceeds, inventory cost of sales and gross profit, including the share of 
  profits or losses of its joint venture. 
 
  Roslogistics is an independently managed business and the Board is presented 
  with turnover, cost of sales and operating profits or losses after deduction 
  of administrative expenses. 
 
   Administrative expenses and foreign currency gains or losses are reported to 
   the Board by segment. Finance income and finance expense are not reported to 
   the Board on a segment basis. Sales between segments are eliminated prior to 
   the provision of financial information to the Board. 
 
   For the Balance Sheet, segmental information is provided in relation to investment 
   property, inventory, cash balances and borrowings. Whilst segment liabilities 
   include loans and borrowings, segment profit does not include the related finance 
   costs. If such finance costs were included in segment profit or loss, the profit 
   from Property Investment would have decreased by GBP51.1 million (2017: GBP48.8 
   million). 
 (a) Segmental information for the year ended and as 
  at 31 December 2018 
 
 Year ended 31 December 
  2018                                   Property                       Raven          Segment         Central 
                                        Investment   Roslogistics       Mount           Total          Overhead       Total 
                                         GBP'000       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 
 Gross revenue                             146,106         16,402             131          162,639              -     162,639 
 Operating costs / cost 
  of sales                                (36,322)        (8,278)             246         (44,354)              -    (44,354) 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 Net rental and related 
  income                                   109,784          8,124             377          118,285              -     118,285 
 Administrative expenses 
 Running general & 
  administration 
  expenses                                (14,535)        (1,989)           (419)         (16,943)        (5,771)    (22,714) 
 Abortive project costs                    (1,625)              -               -          (1,625)              -     (1,625) 
 Depreciation                                (491)          (318)             (2)            (811)              -       (811) 
 Share-based payments and 
 other long term incentives                  (350)              -               -            (350)        (2,503)     (2,853) 
 Foreign currency (losses) 
  / profits                                (2,483)              3               -          (2,480)              -     (2,480) 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
                                            90,300          5,820            (44)           96,076        (8,274)      87,802 
 
 Unrealised loss on revaluation 
  of investment property                 (121,764)              -               -        (121,764)              -   (121,764) 
 Unrealised profit on 
 revaluation 
 of 
 investment property under 
  construction                                 755              -               -              755              -         755 
 Share of profits of joint 
  ventures                                       -              -           1,630            1,630              -       1,630 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 Segment (loss) / profit                  (30,709)          5,820           1,586         (23,303)        (8,274)    (31,577) 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 
 Finance income                                                                                                         4,869 
 Finance expense                                                                                                     (88,180) 
 Loss before tax                                                                                                    (114,888) 
                                                                                                                   ---------- 
 
 
 As at 31 December 2018                                               Property                          Raven 
                                                                     Investment      Roslogistics       Mount         Total 
                                                                       GBP'000         GBP'000         GBP'000       GBP'000 
 Assets 
 Investment property                                                    1,175,440                -              -   1,175,440 
 Investment property under 
  construction                                                             30,548                -              -      30,548 
 Investment in joint ventures                                                   -              369          6,197       6,566 
 Inventory                                                                      -                -            356         356 
 Cash and short term deposits                                              69,605            1,358          2,487      73,450 
                                                                   --------------  ---------------  ------------- 
 Segment assets                                                         1,275,593            1,727          9,040   1,286,360 
                                                                   --------------  ---------------  -------------  ---------- 
 
 Other non-current assets                                                                                              65,467 
 Other current assets                                                                                                  44,007 
 Total assets                                                                                                       1,395,834 
                                                                                                                   ---------- 
 
 Segment liabilities 
 Interest bearing loans 
  and borrowings                                                          643,430                -              -     643,430 
                                                                   --------------  ---------------  -------------  ---------- 
 
 
 Capital expenditure 
 Corporate acquisition                                                     33,249                -              -      33,249 
 Other acquisition                                                         27,239                -              -      27,239 
 Property improvements                                                      2,741                -              -       2,741 
                                                                           63,229                -              -      63,229 
                                                                   --------------  ---------------  -------------  ---------- 
 
 
 (b) Segmental information for the year ended 
  and as at 31 December 2017 
 
 Year ended 31 December 
  2017                                   Property                       Raven          Segment         Central 
                                        Investment   Roslogistics       Mount           Total          Overhead       Total 
                                         GBP'000       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 
 Gross revenue                             139,659         17,964          19,377          177,000              -     177,000 
 Operating costs / cost 
  of sales                                (35,937)        (8,363)         (3,004)         (47,304)              -    (47,304) 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 Net rental and related 
  income                                   103,722          9,601          16,373          129,696              -     129,696 
 Administrative expenses 
 Running general & 
  administration 
  expenses                                (12,750)        (1,711)           (661)         (15,122)        (4,566)    (19,688) 
 Impairment of goodwill                          -              -         (1,523)          (1,523)              -     (1,523) 
 Depreciation                                (542)          (346)               -            (888)              -       (888) 
 Share-based payments and 
  other long term incentives                 (589)              -               -            (589)        (2,928)     (3,517) 
 Foreign currency profits                    6,129              3               -            6,132              -       6,132 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
                                            95,970          7,547          14,189          117,706        (7,494)     110,212 
 
 Unrealised profit on revaluation 
  of investment property                    31,284              -               -           31,284              -      31,284 
 Unrealised loss on revaluation 
  of 
 investment property under 
  construction                             (3,049)              -               -          (3,049)              -     (3,049) 
 Share of profits of joint 
  ventures                                       -              -           1,611            1,611              -       1,611 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 Segment profit / (loss)                   124,205          7,547          15,800          147,552        (7,494)     140,058 
                                       -----------  -------------  --------------  ---------------  -------------  ---------- 
 
 Finance income                                                                                                         6,337 
 Finance expense                                                                                                     (78,074) 
 Profit before tax                                                                                                     68,321 
                                                                                                                   ---------- 
 
 As at 31 December 2017                                               Property                          Raven 
                                                                     Investment      Roslogistics       Mount         Total 
                                                                       GBP'000         GBP'000         GBP'000       GBP'000 
 Assets 
 Investment property                                                    1,159,172                -              -   1,159,172 
 Investment property under 
  construction                                                             28,607                -              -      28,607 
 Investment in joint ventures                                                   -                -          7,380       7,380 
 Inventory                                                                      -                -            313         313 
 Cash and short term deposits                                             191,402              671          5,064     197,137 
 Segment assets                                                         1,379,181              671         12,757   1,392,609 
                                                                   --------------  ---------------  -------------  ---------- 
 
 Other non-current assets                                                                                              38,752 
 Other current assets                                                                                                  58,715 
 Total assets                                                                                                       1,490,076 
                                                                                                                   ---------- 
 
 Segment liabilities 
 Interest bearing loans and 
  borrowings                                                              626,242                -              -     626,242 
                                                                   --------------  ---------------  -------------  ---------- 
 
 
 Capital expenditure 
 Corporate acquisitions                                                    68,593                -              -      68,593 
 Other acquisition                                                         90,663                -              -      90,663 
 Property improvements                                                     12,640                -              -      12,640 
                                                                          171,896                -              -     171,896 
                                                                   --------------  ---------------  -------------  ---------- 
 
 5. Gross revenue                                                                                        2018         2017 
                                                                                                       GBP'000       GBP'000 
 
 Rental and related income                                                                                146,106     139,659 
 Proceeds from the sale of 
  inventory property                                                                                          131      19,377 
 Logistics                                                                                                 16,402      17,964 
                                                                                                          162,639     177,000 
                                                                                                    -------------  ---------- 
 
 The Group's leases typically include annual rental increases ("contingent 
  rents") based on a consumer price index in Russia, Europe or the USA, which 
  are recognised in income as they arise. Contingent rents, being amounts recorded 
  in excess of minimum contracted increases, are included in rental income for 
  the year amounted GBP12k (2017: GBP8k). 
 
  Details of the Group's contracted future minimum lease receivables are detailed 
  in note 36. 
 
  The Group recognised revenue of GBP19 million (2017: GBP20 million) from a 
  single tenant of the property investment segment that amounted to more than 
  10% of Group revenue. 
 
 6. Administrative expenses 
                                                                                                         2018         2017 
 (a) Total administrative 
  expenses                                                                                             GBP'000       GBP'000 
 
 Employment costs                                                                                          12,079      10,366 
 Directors' remuneration                                                                                    2,900       2,386 
 Bad debts                                                                                                   (58)        (72) 
 Office running costs and 
  insurance                                                                                                 3,261       3,160 
 Travel costs                                                                                               1,321       1,507 
 Auditors' remuneration                                                                                       596         553 
 Impairment of goodwill                                                                                         -       1,523 
 Legal and professional                                                                                     2,070       1,494 
 Abortive project costs                                                                                     1,625           - 
 Depreciation                                                                                                 811         888 
 Registrar costs and other administrative 
  expenses                                                                                                    545         294 
                                                                                                           25,150      22,099 
                                                                                                    -------------  ---------- 
 
 (b) Fees for audit and other services provided by 
  the Group's auditor 
                                                                                                         2018          2017 
                                                                                                       GBP'000       GBP'000 
 
 Audit services                                                                                               461         417 
 Audit related assurance 
  services                                                                                                     50          48 
                                                                                                              511         465 
                                                                                                    -------------  ---------- 
 
 Other fees: 
 Taxation services                                                                                             47          56 
 Other services                                                                                                38          32 
                                                                                                               85          88 
                                                                                                    -------------  ---------- 
 
 Total fees                                                                                                   596         553 
                                                                                                    -------------  ---------- 
 
 The Group engaged Ernst & Young to undertake due diligence in respect of the 
  investment property acquisitions in the year, incurring GBP103k (2017: GBP313k) 
  of fees, which were included in the cost of the relevant investment property 
  and a further GBP537k (2017: GBPnil) incurred in respect of aborted projects. 
 
 Ernst & Young also provide audit and taxation services for various SPVs that 
  form part of the property operating costs. Charges for the audit of SPVs in 
  the year amounted to GBP265k (2017: GBP235k) and the fees for taxation services 
  were GBP147k (2017: GBP59k). 
 
 7. Finance income and expense                                                                           2018         2017 
                                                                                                       GBP'000       GBP'000 
 Finance income 
 Total interest income on financial assets not at fair 
  value through profit or loss 
 Income from cash and short term deposits                                                                   3,254       5,604 
 Interest receivable from joint ventures                                                                       32          23 
 Other finance income 
 Change in fair value of open interest rate 
  derivative financial instruments                                                                          1,583          37 
 Change in fair value of foreign currency 
  embedded derivatives                                                                                          -         673 
 Finance income                                                                                             4,869       6,337 
                                                                                                    -------------  ---------- 
 
 Finance expense 
 Interest expense on loans and borrowings 
  measured at amortised cost                                                                               51,092      48,808 
 Interest expense on preference shares                                                                     12,335      12,289 
 Interest expense on convertible preference 
  shares                                                                                                   19,963      15,576 
                                                                                                    -------------  ---------- 
 Total interest expense on financial liabilities not 
  at fair value through profit or loss                                                                     83,390      76,673 
 
 Change in fair value of open forward currency derivative 
  financial instruments                                                                                        83         121 
 Change in fair value of open interest rate 
  derivative financial instruments                                                                          4,566       1,280 
 Change in fair value of foreign currency 
  embedded derivatives                                                                                        141           - 
                                                                                                                   ---------- 
 Finance expense                                                                                           88,180      78,074 
                                                                                                    -------------  ---------- 
 
 Included in the interest expense on loans and borrowings is GBP3.93 million 
  (2017: GBP4.25 million) relating to amortisation of costs incurred in originating 
  the loans. Included in the interest expense on preference shares is GBP0.42 
  million (2017: GBP0.42 million) relating to the accretion of premiums payable 
  on redemption of preference shares and amortisation of costs incurred in issuing 
  preference shares. Included in the interest expense on convertible preference 
  shares is GBP6.95 million (2017: GBP5.56 million) relating to the accretion 
  of premiums payable on redemption and amortisation of costs incurred in issuing 
  the convertible preference shares of GBP0.30 million (2017: GBP0.22 million). 
 
 8. Tax                                                                                                  2018         2017 
                                                                                                       GBP'000       GBP'000 
 The tax expense for the year comprises: 
 Current taxation                                                                                           5,731      15,001 
 Deferred taxation (note 25) 
 On the origination and reversal of 
  temporary differences                                                                                        72      11,431 
 On unrealised foreign exchange movements 
  in loans                                                                                                   (10)         149 
 Over provision in prior 
  year                                                                                                          -     (1,399) 
 Tax charge                                                                                                 5,793      25,182 
                                                                                                    -------------  ---------- 
 
 The charge for the year can be reconciled to the loss per the Income 
  Statement as follows: 
                                                                                                         2018          2017 
                                                                                                       GBP'000       GBP'000 
 
 (Loss) / profit before tax                                                                             (114,888)      68,321 
 
 Tax at the Russian corporate tax 
  rate of 20%                                                                                            (22,978)      13,664 
 Tax effect of financing arrangements                                                                     (1,964)     (3,865) 
 Tax effect of non deductible preference share 
  coupon                                                                                                    6,460       5,573 
 Tax effect of foreign exchange movements                                                                 (2,186)       1,099 
 Movement in provision for uncertain 
  tax positions                                                                                           (1,924)       5,450 
 Tax effect of other income not subject to 
  tax and non-deductible expenses                                                                           5,310       3,431 
 Tax effect of property depreciation 
  on revaluations                                                                                          17,179       2,127 
 Tax on dividends and other inter 
  company gains                                                                                             2,571       2,696 
 Movement on previously unprovided 
  deferred tax assets                                                                                       3,325     (3,594) 
 Over provision in prior 
  year                                                                                                          -     (1,399) 
                                                                                                            5,793      25,182 
                                                                                                    -------------  ---------- 
 
 The tax effect of financing arrangements reflects the impact of intra group 
  funding in each jurisdiction. Foreign exchange movements on intra group financing 
  are taxable or tax deductible in Russia but not in other jurisdictions. In 
  accordance with its accounting policy, the Group is required to estimate its 
  provision for uncertain tax positions and the movement in the provision is 
  reflected above. Other income and expenditure not subject to tax arises in 
  Guernsey. 
 
 9. Earnings measures 
 
  In addition to reporting IFRS earnings the Group also reports its own underlying 
  earnings measure. The Directors consider underlying earnings to be a key performance 
  measure, as this is the measure used by Management to assess the return on 
  holding investment assets for the long term and the Group's ability to declare 
  covered distributions. As a consequence the underlying earnings measure excludes 
  investment property revaluations, gains or losses on the disposal of investment 
  property, intangible asset movements; gains and losses on derivative financial 
  instruments, share-based payments and other long term incentives (to the extent 
  not settled in cash), the accretion of premiums payable on redemption of preference 
  shares and convertible preference shares, depreciation and amortisation of 
  loan origination costs (as these represent non-cash expenses that do not affect 
  the ability to declare covered distributions); and material non-recurring 
  items, together with any related tax. 
 
  The Group is also required to report Headline earnings per share as required 
  by the listing requirements of the Johannesburg Stock Exchange. 
 
 The calculation of basic and diluted earnings 
  per share is based on the following data:                                      2018                          2017 
                                                                       GBP'000         GBP'000         GBP'000       GBP'000 
 Earnings 
 Net (loss) / profit for the year 
  prepared under IFRS                                                                    (120,681)                     43,139 
 
 Adjustments to arrive at 
  underlying earnings: 
 Administrative expenses 
 Impairment of goodwill (note 
  6a)                                                                           -                           1,523 
 Depreciation (note 6a)                                                       811                             888 
 Aborted project costs (note 
  6a)                                                                       1,625                               - 
                                                                   --------------                   ------------- 
                                                                                             2,436                      2,411 
 Share-based payments and other long term 
  incentives (note 31b)                                                                      2,853                      2,260 
 Unrealised loss / (profit) on revaluation 
  of investment property                                                                   121,764                   (31,284) 
 Unrealised (profit) / loss on revaluation 
  of investment property under construction                                                  (755)                      3,049 
 Finance income 
 Change in fair value of open interest rate 
  derivative financial instruments (note 7)                                 1,583                              37 
 Change in fair value of foreign currency 
  embedded derivatives (note 7)                                                 -                             673 
                                                                   --------------                   ------------- 
                                                                                           (1,583)                      (710) 
 Finance expense 
 Change in fair value of open forward currency 
  derivative financial 
 instruments (note 7)                                                          83                             121 
 Change in fair value of open interest rate 
  derivative financial instruments (note 7)                                 4,566                           1,280 
 Change in fair value of foreign currency 
  embedded derivatives (note 7)                                               141                               - 
 Premium on redemption of preference shares 
  and amortisation of issue costs (note 22)                                   417                             417 
 Premium on redemption of convertible preference 
  shares and amortisation of issue costs (note 
  23)                                                                       7,246                           5,784 
 Amortisation of loan origination 
  costs (note 7)                                                            3,931                           4,253 
                                                                   --------------                   ------------- 
                                                                                            16,384                     11,855 
 Tax 
 Movement on deferred tax arising on depreciation 
  and revaluation of investment property                                    (619)                          12,591 
 Tax on unrealised foreign exchange movements 
  in loans                                                                    215                              67 
                                                                   --------------                   ------------- 
                                                                                             (404)                     12,658 
 Underlying earnings                                                                        20,014                     43,378 
                                                                                   ---------------                 ---------- 
 
                                                                                         2018                         2017 
 Calculation of Headline earnings                                                      GBP'000                       GBP'000 
 
 Net (loss) / profit for the year prepared under IFRS                                    (120,681)                     43,139 
 Adjustments to arrive at Headline earnings: 
 Impairment of goodwill                                                                          -                      1,523 
 Unrealised loss / (profit) on revaluation of investment 
  property                                                                                 121,764                   (31,284) 
 Unrealised (profit) / loss on revaluation of investment 
  property under construction                                                                (755)                      3,049 
 Movement on deferred tax arising on revaluation of 
  investment property                                                                      (6,502)                      7,772 
 Headline earnings                                                                         (6,174)                     24,199 
                                                                                   ---------------                 ---------- 
 
 
                                                         2018                                            2017 
                                                       Weighted                                        Weighted 
                                                       average                                         average 
                                         Earnings       shares           EPS           Earnings         shares         EPS 
 IFRS                                    GBP'000       No. '000         Pence          GBP'000         No. '000       Pence 
 Basic                                   (120,681)        641,588         (18.81)           43,139        663,493        6.50 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants (note 27)                              -              -                                -          7,669 
 LTIP (note 31)                                  -              -                                -          1,382 
 2016 Retention Scheme (note 
  31)                                            -              -                                -          2,513 
 Convertible preference shares 
  (note 23)                                      -              -                           15,576        261,369 
 Diluted                                 (120,681)        641,588         (18.81)           58,715        936,426        6.27 
                                       -----------  -------------                  ---------------  ------------- 
 
                                                         2018                                            2017 
                                                       Weighted                                        Weighted 
                                                       average                                         average 
                                         Earnings       shares           EPS           Earnings         shares         EPS 
 Underlying earnings                     GBP'000       No. '000         Pence          GBP'000         No. '000       Pence 
 Basic                                      20,014        641,588            3.12           43,378        663,493        6.54 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants (note 27)                              -          2,641                                -          7,669 
 LTIP (note 31)                                  -            612                                -          1,382 
 2016 Retention Scheme (note 
  31)                                            -          4,535                                -          2,513 
 Convertible preference shares 
  (note 23)                                      -              -                            9,792        261,369 
 Diluted                                    20,014        649,376            3.08           53,170        936,426        5.68 
                                       -----------  -------------                  ---------------  ------------- 
 
                                                         2018                                            2017 
                                                       Weighted                                        Weighted 
                                                       average                                         average 
                                         Earnings       shares           EPS           Earnings         shares         EPS 
 Headline earnings                       GBP'000       No. '000         Pence          GBP'000         No. '000       Pence 
 Basic                                     (6,174)        641,588          (0.96)           24,199        663,493        3.65 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants (note 27)                              -              -                                -          7,669 
 LTIP (note 31)                                  -              -                                -          1,382 
 2016 Retention Scheme (note 
  31)                                            -              -                                -          2,513 
 Convertible preference shares 
  (note 23)                                      -              -                                -              - 
 Diluted                                   (6,174)        641,588          (0.96)           24,199        675,057        3.58 
                                       -----------  -------------                  ---------------  ------------- 
 
 
 The finance expense relating to the convertible preference shares was greater 
  than IFRS, underlying and headline basic earnings per share and thus the convertible 
  preference shares are not dilutive. This was not the case in 2017 where the 
  convertible preference shares were dilutive and were incorporated into the 
  calculation of diluted IFRS and underlying earnings per share. 
 
 10. Ordinary dividends 
 
 In the place of a final dividend for 2017 the Company implemented a tender 
  offer buy back of ordinary shares on the basis of 1 in every 17 shares held 
  at a tender price of 52 pence per share, the equivalent of a final dividend 
  of 3 pence per share. Instead of an interim dividend for 2018 the Company 
  implemented a tender offer buy back of ordinary shares on the basis of 1 in 
  every 44 shares at a tender price of 55 pence per share, the equivalent of 
  a dividend of 1.25 pence per share. 
 
 11. Investment property 
 
 Asset class                                          Logistics       Logistics       Logistics         Office 
                                                                                                          St 
 Location                                               Moscow      St Petersburg      Regions        Petersburg      2018 
                                                        Level 
 Fair value hierarchy *                                    3           Level 3         Level 3         Level 3        Total 
                                                       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 
 Market value at 1 January 2018                           854,288         144,910          117,871         60,682   1,177,751 
 Corporate acquisition (note 38)                                -               -           30,805              -      30,805 
 Other acquisition                                         27,239               -                -              -      27,239 
 Property improvements                                      1,430             293              504            514       2,741 
 Unrealised loss on revaluation                          (97,641)         (6,468)         (10,795)        (4,686)   (119,590) 
 On translation to presentation currency                   55,297           9,243            6,458          3,892      74,890 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 Market value at 31 December 2018                         840,613         147,978          144,843         60,402   1,193,836 
 
 Tenant incentives and contracted 
  rent uplift balances                                   (13,674)         (4,046)          (1,256)          (476)    (19,452) 
 Head lease obligations (note 
  24)                                                       1,056               -                -              -       1,056 
                                                    ------------- 
 Carrying value at 31 December 2018                       827,995         143,932          143,587         59,926   1,175,440 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
 Revaluation movement in the year 
  ended 31 December 2018 
 Gross revaluation                                       (97,641)         (6,468)         (10,795)        (4,686)   (119,590) 
 Movement on tenant incentives and 
  contracted rent uplift balances                              41             203                8           (70)         182 
 Less impact of translation to presentation 
  currency                                                (1,626)           (532)            (150)           (48)     (2,356) 
 Revaluation reported in 
  the Income Statement                                   (99,226)         (6,797)         (10,937)        (4,804)   (121,764) 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
 Asset class                                          Logistics       Logistics       Logistics         Office 
                                                                                                          St 
 Location                                               Moscow      St Petersburg      Regions        Petersburg      2017 
                                                        Level 
 Fair value hierarchy *                                    3           Level 3         Level 3         Level 3        Total 
                                                       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 
 Market value at 1 January 
  2017                                                    813,667         114,454          122,882         20,084   1,071,087 
 Corporate acquisitions (note 
  38)                                                           -          28,589                -         40,004      68,593 
 Other acquisition                                         90,663               -                -              -      90,663 
 Property improvements                                      8,688           1,329            2,391            232      12,640 
 Unrealised profit on revaluation                          12,090          12,475            3,304          5,048      32,917 
 On translation to presentation currency                 (70,820)        (11,937)         (10,706)        (4,686)    (98,149) 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 Market value at 31 December 
  2017                                                    854,288         144,910          117,871         60,682   1,177,751 
 
 Tenant incentives and contracted 
  rent uplift balances                                   (13,715)         (4,249)          (1,264)          (406)    (19,634) 
 Head lease obligations (note 
  24)                                                       1,055               -                -              -       1,055 
 Carrying value at 31 December 
  2017                                                    841,628         140,661          116,607         60,276   1,159,172 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
 Revaluation movement in the year 
  ended 31 December 2017 
 Gross revaluation                                         12,090          12,475            3,304          5,048      32,917 
 Movement on tenant incentives and 
  contracted rent uplift balances                             444              65            (154)          (282)          73 
 Less impact of translation to presentation 
  currency                                                (1,226)           (373)             (96)           (11)     (1,706) 
 Revaluation reported in the Income 
  Statement                                                11,308          12,167            3,054          4,755      31,284 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
  *Classified in accordance with the fair value hierarchy, see note 35. There 
   were no transfers between fair value hierarchy in 2017 or 2018. 
 
 During the year the Group acquired two new investment properties. As a corporate 
  acquisition it acquired Volga Logistics Park (see note 38) and, as a direct 
  purchase of real estate, it acquired a further phase of Logopark Sever. 
 
 At 31 December 2018 the Group has pledged investment property with a value 
  of GBP1,153 million (2017: GBP1,061 million) to secure banking facilities 
  granted to the Group (see note 21). 
 
 12. Investment property under construction 
 
 Asset class                                                   Assets under construction              Land Bank 
 Location                                               Moscow         Regions                         Regions        2018 
                                                        Level 
 Fair value hierarchy *                                    3           Level 3        Sub-total        Level 3        Total 
                                                       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 Market value at 1 January 
  2018                                                     19,736           5,618           25,354          2,873      28,227 
 Costs incurred                                                18              10               28              -          28 
 Corporate acquisition (note 38)                                -           2,444            2,444              -       2,444 
 On translation to presentation currency                    (268)           (636)            (904)          (336)     (1,240) 
 Unrealised (loss) / profit on revaluation                  (144)             899              755              -         755 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 Market value at 31 December 
  2018                                                     19,342           8,335           27,677          2,537      30,214 
 Head lease obligations (note 24)                             334               -              334              -         334 
                                                                   --------------  ---------------  ------------- 
 Carrying value at 31 December 
  2018                                                     19,676           8,335           28,011          2,537      30,548 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
 Asset class                                                   Assets under construction              Land Bank 
 Location                                               Moscow         Regions                         Regions        2017 
                                                        Level 
 Fair value hierarchy *                                    3           Level 3        Sub-total        Level 3        Total 
                                                       GBP'000         GBP'000         GBP'000         GBP'000       GBP'000 
 
 Market value at 1 January 
  2017                                                     23,954           6,069           30,023          3,128      33,151 
 Costs incurred                                                20               9               29              -          29 
 On translation to presentation 
  currency                                                (1,578)           (273)          (1,851)           (53)     (1,904) 
 Unrealised loss on revaluation                           (2,660)           (187)          (2,847)          (202)     (3,049) 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 Market value at 31 December 
  2017                                                     19,736           5,618           25,354          2,873      28,227 
 Head lease obligations (note 
  24)                                                         381               -              381              -         381 
                                                    -------------  --------------                   -------------  ---------- 
 Carrying value at 31 December 2017                        20,117           5,618           25,735          2,873      28,608 
                                                    -------------  --------------  ---------------  -------------  ---------- 
 
  *Classified in accordance with the fair value hierarchy, see note 35. There 
   were no transfers between fair value hierarchy in 2017 or 2018. 
 
 No borrowing costs were capitalised in the year (2017: GBPnil). 
 
  At 31 December 2018 the Group has pledged investment property under construction 
  with a value of GBP25.3 million (2017: GBP25.4 million) to secure banking 
  facilities granted to the Group (see note 21). 
 
 13. Investment property and investment property 
  under construction - Valuation 
 
 It is the Group's policy to carry investment property and investment property 
  under construction at fair value in accordance with IFRS 13 "Fair Value Measurement" 
  and IAS 40 "Investment Property": 
  - investment property consists of the completed, income producing, portfolio; 
  and 
  - investment property under construction consists of potential development 
  projects and land bank. 
  The latter is sub-categorised as: 
  - assets under construction - current development projects and the value 
  of land on additional phases of existing investment property; and 
  - land bank - land held for potential development. 
 
 For the purposes of IFRS 13 disclosure, we have analysed these categories 
  by the geographical market they are located in being Moscow, St Petersburg 
  and the Regions (the other Russian regional cities). These form distinct markets 
  for valuation purposes as the fundamentals differ in each. 
 
 The fair value of the Group's investment property and assets under construction 
  at 31 December 2018 has been arrived at on the basis of market valuations 
  carried out by Jones Lang Lasalle ("JLL"), external valuers to the Group. 
  JLL have consented to the use of their name in these financial statements. 
 
  The Group's land bank in the Regions is valued by the Directors. 
 
 Valuation process 
 
 The Group has four qualified RICS members on the management team, one of whom 
  was a former Chairman of RICS in Russia and the CIS. Three have relevant valuation 
  and market experience and are actively involved in the valuation process. 
  They also regularly meet with agents and consultants to obtain additional 
  market information. 
 
 The effectiveness and independence of the external valuers is reviewed each 
  year. The criteria considered include market knowledge, reputation, independence 
  and professional standards. The Audit Committee also meets the external valuers 
  at least once a year. The Group's management team have determined that the 
  external valuers are experienced in the Russian market and acts as an "External 
  Valuer" as defined in the RICS Valuation - Global Standards, 2017. 
 
 The Group has continued to use the income capitalisation approach in assessing 
  its opinion of value but has moved to a discounted cash flow methodology in 
  line with changes in market practice internationally and in Russia, and is 
  accepted practice under RICS Valuation - Global Standards, 2017. The RICS 
  Valuation - Global Standards, 2017 are internationally accepted standards 
  of valuation and are consistent with the principles of IFRS 13. 
 
 For investment properties and assets under construction, the executive team 
  members consult with the external valuers and the valuers then determine: 
  - whether a property's fair value can be reliably determined; 
  - which valuation method should be applied for each asset; and 
  - the assumptions made for unobservable inputs that are used in valuation 
  methods. 
 
 The land bank is valued by the Directors. The process followed includes site 
  inspections, meetings with local real estate experts, comparison to any local 
  land sale information and comparison to transactions in other regional cities 
  including those where the Group has income producing assets. Updated acquisition 
  appraisals and any indication of value for alternative use are also considered. 
 
 Valuations are prepared on a biannual basis. At each valuation date the executive 
  team members review the information prepared by the property department for 
  valuation purposes being submitted to the external valuers. Each property 
  valuation is then reviewed and discussed with the external valuers in detail 
  and adjustments made as necessary. 
 
 The executive management also present the valuation results to the Audit Committee 
  and hold discussions with the Group's auditors. Both the Audit Committee and 
  the auditors also have discussions with the external valuers. 
 
 
 
 Valuation assumptions and 
  key inputs 
 
 Class of 
 property                  Carrying amount      Valuation         Input                     Range 
                         2018        2017       technique                          2018              2017 
                        GBP'000     GBP'000 
 Completed investment property 
 
                                                                                   Rub 3,500          Rub 3,500 
 Moscow - Logistics     827,995       841,628   Discounted     ERV per sqm      to Rub 3,800       to Rub 3,800 
                                                                                    4.00% to 
                                                cash flow      ERV growth              7.00%              5.00% 
                                                                                   10.75% to          11.20% to 
                                                              Discount rate           12.60%             12.90% 
                                                                                   10.50% to          10.50% to 
                                                              Exit cap rate           11.50%             11.50% 
                                                              Vacancy rate         1% to 50%          1% to 94% 
                                                              Passing rent           $113 to            $110 to 
                                                                 per sqm                $170               $166 
                                                              Passing rent         Rub 3,000          Rub 3,104 
                                                                 per sqm                  to                 to 
                                                                                  Rub 12,315         Rub 11,847 
 
 St Petersburg - 
  Logistics             143,932       140,661   Discounted     ERV per sqm         Rub 3,800          Rub 3,800 
                                                cash flow      ERV growth              6.00%              4.00% 
                                                                                   12.30% to          12.15% to 
                                                              Discount rate           12.50%             12.48% 
                                                              Exit cap rate           11.75%             11.75% 
                                                              Vacancy rate         0% to 29%          3% to 19% 
                                                              Passing rent           $109 to 
                                                                 per sqm                $133        $69 to $140 
                                                              Passing rent         Rub 2,456          Rub 2,339 
                                                                 per sqm                  to                 to 
                                                                                   Rub 5,260          Rub 4,916 
 
 Regional - Logistics   143,587       116,607   Discounted     ERV per sqm         Rub 3,800          Rub 3,800 
                                                cash flow      ERV growth              6.00%              4.00% 
                                                                                   12.25% to          12.45% to 
                                                              Discount rate           12.50%             12.50% 
                                                              Exit cap rate           11.75%             11.75% 
                                                              Vacancy rate          0% to 9%          6% to 27% 
                                                              Passing rent           $107 to            $104 to 
                                                                 per sqm                $138               $133 
                                                              Passing rent         Rub 3,750          Rub 3,720 
                                                                 per sqm                  to                 to 
                                                                                   Rub 7,300          Rub 6,707 
                                                              Passing rent 
                                                                 per sqm               EUR88                n/a 
 
 St Petersburg -                                                                  Rub 10,976          Rub 9,965 
  Office                 59,926        60,276   Discounted     ERV per sqm     to Rub 12,366      to Rub 12,384 
                                                                                    2.00% to 
                                                cash flow      ERV growth              4.00%              0.00% 
                                                                                   12.00% to          11.00% to 
                                                              Discount rate           12.25%             12.25% 
                                                                                   11.25% to          11.00% to 
                                                              Exit cap rate           12.25%             12.25% 
                                                              Vacancy rate          1% to 8%           0% to 1% 
                                                              Passing rent 
                                                                 per sqm                $408               $388 
                                                              Passing rent         EUR410 to 
                                                                 per sqm              EUR413             EUR390 
                                                              Passing rent         Rub 4,384          Rub 8,124 
                                                                 per sqm                  to                 to 
                                                                                  Rub 17,570         Rub 16,271 
 
                                                                                            Range 
 Other key 
 information                      Description                                      2018              2017 
 
 Moscow - Logistics               Land plot ratio                                34% - 65%        34% - 65% 
                                                                                  1 to 14          1 to 13 
                                  Age of building                                  years             years 
                                  Outstanding costs 
                                   (GBP'000)                                       2,290            6,980 
 
 St Petersburg - 
  Logistics                       Land plot ratio                                48% - 57%        48% - 57% 
                                                                                  4 to 10 
                                  Age of building                                  years         3 to 9 years 
                                  Outstanding costs 
                                   (GBP'000)                                        282              611 
 
 Regional - Logistics             Land plot ratio                                48% - 61%        48% - 61% 
                                  Age of building                                 9 years          8 years 
                                  Outstanding costs 
                                   (GBP'000)                                        363              114 
 
 St Petersburg -                                                                  148% to          148% to 
  Office                          Land plot ratio                                   496%             496% 
                                                                                 10 to 12          9 to 11 
                                  Age of building                                  years             years 
                                  Outstanding costs 
                                   (GBP'000)                                        23                60 
 
                           Carrying amount      Valuation         Input                     Range 
 Investment property 
  under construction     2018        2017       technique                          2018              2017 
                        GBP'000     GBP'000 
 
                                                              Value per         Rub 17.9m -          $0.31m - 
 Moscow - Logistics     19,676      20,117      Comparable        ha             Rub 33.6m            $0.53m 
 
                                                              Value per         Rub 9.7m - 
 Regional - Logistics    8,335       5,618      Comparable        ha             Rub 20.6m            $0.29m 
 
 
 
 The fair value of investment property is determined using the income capitalisation 
 method where a property's fair value is estimated based on the present value 
 of net cash flows generated from each property, plus the reversionary value 
 based on the final year's income capitalised using an all-risks exit yield. 
 Allowance is made for a potential letting void and an assessment is made of 
 the estimated rental value on re-letting (ERV). These elements are determined 
 based on current market conditions and values. 
 
 Assets under construction (development projects) are valued on a residual value 
  basis using the future anticipated costs to complete construction, a provision 
  for letting costs, a letting void period and an assessment of ERV, which is 
  capitalised at the prevailing market yield. Depending on the status of the 
  development, and how much of development process has been completed an allowance 
  will also be made for developer's profit. There were no active development 
  projects at 31 December 2018 or 2017. 
 
 Assets under construction (additional phases of existing sites) are valued 
  on a comparable basis. The value of these plots is estimated based on comparable 
  transactions in the same market. This approach is based on the principle that 
  a buyer will not pay more for an asset than it will cost to buy a comparable 
  substitute property. The unit of comparison applied is the price per square 
  metre. 
 
 All of the above valuations are completed by JLL. 
 
  The land bank is valued by the Directors using the comparable basis. 
 
 Sensitivity analysis of significant changes in unobservable inputs within Level 
  3 of the hierarchy 
 
 The significant unobservable inputs used in the fair value measurement categorised 
 within Level 3 of the fair value hierarchy of the entity's portfolio of investment 
 property are: 
 - ERV; 
 - ERV growth; 
 - Void period on re-letting; 
 - Discount rate; 
 - Exit capitalisation yield; and 
 - Specific to property under development: construction costs, letting void, 
 construction period and development profit. 
 
 Further significant increases (or decreases) in any of the main inputs to the 
  valuation, being discount rate, exit capitalisation yield, ERV (per sqm p.a.), 
  ERV growth and letting void, would result in a significantly lower (or higher) 
  fair value measurement. 
 
 
 14. Investment in subsidiary 
  undertakings 
 
 The principal subsidiary undertakings of Raven Property Group Limited, all 
  of which have been included in these consolidated financial statements, are 
  as follows: 
 
 Name                              Country of incorporation                Proportion of ownership interest 
                                                                         2018                           2017 
 Raven Russia Holdings Cyprus 
  Limited                                   Cyprus                       100%                           100% 
 Dorfin Limited                             Cyprus                       100%                           100% 
 Roslogistics Holdings 
  (Russia) Limited                          Cyprus                       100%                           100% 
 Raven Mount Group 
  Limited                                   England                      100%                           100% 
 Raven Russia Property Advisors 
  Limited                                   England                      100%                           100% 
 Raven Russia (Service Company) 
  Limited                                  Guernsey                      100%                           100% 
 Avalon Logistics 
  Company 
  LLC                                       Russia                       100%                           100% 
 Delta LLC                                  Russia                       100%                           100% 
 EG Logistics LLC                           Russia                       100%                           100% 
 Fenix LLC                                  Russia                       100%                           100% 
 Gorigo LLC                                 Russia                       100%                           100% 
 Kstovo Industrial 
  Park 1 LLC                                Russia                       100%                            - 
 JSC Kulon Development                      Russia                       100%                           100% 
 JSC Kulon Istra                            Russia                       100%                           100% 
 Kulon Spb LLC                              Russia                       100%                           100% 
 League LLC                                 Russia                       100%                           100% 
 Logopark Don LLC                           Russia                       100%                           100% 
 Logopark Ob LLC                            Russia                       100%                           100% 
 JSC Noginsk Vostok                         Russia                       100%                           100% 
 Pervomayskay Zarya 
  LLC                                       Russia                       100%                           100% 
 Petroestate LLC                            Russia                       100%                           100% 
 Primium LLC                                Russia                       100%                           100% 
 Resource Economia 
  LLC                                       Russia                       100%                           100% 
 Sever Estate LLC                           Russia                       100%                           100% 
 Soyuz-Invest LLC                           Russia                       100%                           100% 
 JSC Toros                                  Russia                       100%                           100% 
 
 The Group's investment property and investment property under construction 
  are held by its subsidiary undertakings. 
 
 15. Investment in joint ventures 
 
 The principal joint ventures of the Group are as follows: 
 
         Name               Country of incorporation                       Proportion of ownership interest 
                                                                         2018                           2017 
 
 Coln Park LLP               England                                      50%                           50% 
 Coln Park Construction 
  LLP                        England                                      50%                           50% 
 
 Coln Park LLP and Coln Park Construction LLP are the entities through which 
  the Group undertakes its second home development activity in the UK. In addition, 
  the Group has a number of other small joint ventures primarily associated with 
  the second home development activity. The Group's interest in each joint venture 
  has been accounted for using the equity method. None of the Group's joint ventures 
  are individually material. Summarised aggregated financial information of the 
  joint ventures, prepared under IFRS, and a reconciliation with the carrying 
  amount of the investments in the consolidated financial statements are set 
  out below: 
 
                                                                                        2018            2017 
 Summarised Balance Sheet                                                              GBP'000        GBP'000 
 
 Non-current assets                                                                         3,634          3,221 
 Inventory                                                                                  3,425          6,157 
 Cash and short term deposits                                                               3,597          3,533 
 Other current assets                                                                       1,874          1,963 
 Current liabilities                                                                      (3,659)        (2,575) 
 Non-current liabilities                                                                  (3,051)        (4,505) 
 Net assets                                                                                 5,820          7,794 
                                                                                   --------------  ------------- 
 
 Investment in joint ventures 
 Goodwill on acquisition                                                                    3,694          3,483 
 Share of net assets                                                                        2,872          3,897 
                                                                                   --------------  ------------- 
 Carrying value                                                                             6,566          7,380 
                                                                                   --------------  ------------- 
 
 Carrying value at 1 January                                                                7,380          7,874 
 Investment in the year                                                                       533              - 
 Share of total comprehensive income 
  for the year                                                                              1,630          1,611 
 Share of distributions paid                                                              (3,000)        (2,105) 
 On translation to presentation currency                                                       23              - 
 Carrying value at 31 December                                                              6,566          7,380 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
 Summarised Statement of comprehensive income                                          GBP'000        GBP'000 
 
 Gross revenue                                                                             27,708         23,886 
 Cost of 
  sales                                                                                  (22,329)       (18,684) 
 Administrative expenses                                                                  (2,017)        (1,790) 
 Finance expense                                                                            (216)          (183) 
                                                                                   --------------  ------------- 
 Profit before tax                                                                          3,146          3,229 
 Tax                                                                                           20            (8) 
                                                                                   --------------  ------------- 
 Profit for the year                                                                        3,166          3,221 
                                                                                   --------------  ------------- 
 Other comprehensive income                                                                    53              - 
 Total comprehensive income                                                                 3,219          3,221 
                                                                                   --------------  ------------- 
 
 Group's share of total comprehensive 
  income for the year                                                                       1,630          1,611 
                                                                                   --------------  ------------- 
 
 The joint ventures had no contingent liabilities or capital commitments as 
  at 31 December 2018 and 2017. The joint ventures cannot distribute their profits 
  until they obtain the consent from the joint venture partners. 
 
  The Group charged its joint ventures GBP244k (2017: GBP73k) for services rendered 
  to them during the year, of which GBP81k (2017: nil) was included in payables 
  at the balance sheet date. The joint ventures recharged certain costs back 
  to the Group that for the year amounted to GBP51k (2017: GBP136k) of which 
  GBP7k (2017: GBP7k) was included in payables at the balance sheet date. The 
  Group has advanced loans to its joint ventures of GBP491k (2017: GBP300k) generating 
  interest income of GBP32k (2017: GBP23k). 
 
 16. Other receivables                                                                  2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Loans receivable                                                                             676            491 
 Restricted cash                                                                           12,249            965 
 VAT recoverable                                                                            2,538          2,468 
 Prepayments and other receivables                                                             72            194 
                                                                                           15,535          4,118 
                                                                                   --------------  ------------- 
 
 VAT recoverable arises from the payment of value added tax on construction 
  or purchase of investment property, which will be recovered through the offset 
  of VAT paid on future revenue receipts or repayment direct from the taxation 
  authority. VAT recoverable has been split between current and non-current assets 
  based on the Group's assessment of when recovery will occur. 
 
 17. Trade and other receivables                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Trade receivables                                                                         27,803         32,773 
 Prepayments                                                                                3,524          3,985 
 Restricted cash                                                                            1,792              - 
 VAT recoverable                                                                            7,084         17,328 
 Other receivables                                                                            317            210 
 Tax recoverable                                                                            3,138          4,090 
                                                                                           43,658         58,386 
                                                                                   --------------  ------------- 
 
 
 18. Derivative financial instruments                                                   2018            2017 
                                                                                       GBP'000        GBP'000 
 Interest rate derivative financial 
  instruments 
 Non-current assets                                                                        21,953          5,713 
 Current assets                                                                               329            223 
 
 Forward currency derivative financial 
  instruments 
 Non-current assets                                                                             -             91 
 Current assets                                                                                20             13 
 
 Foreign currency embedded derivatives 
 Non-current assets                                                                             -             71 
 Current assets                                                                                 -             93 
 Current liabilities                                                                          (1)           (26) 
 
 The Group has entered into a series of interest rate derivative financial instruments 
  to manage the interest rate and resulting cash flow exposure from the Group's 
  banking facilities. At 31 December 2018 the instruments have a notional value 
  of GBP543 million (2017: GBP481 million) and a weighted average fixed or capped 
  rate of 3.90% (2017: 1.61%). 
 
  The Group had also entered into a series of forward currency derivative financial 
  instruments to hedge interest payments due to preference shareholders against 
  sterling strengthening. The instruments have a notional amount of GBP12 million 
  (2017: GBP24 million), a weighted average capped rate of $1.55 to GBP1 (2017: 
  $1.55 to GBP1) and quarterly maturities with the final instruments maturing 
  on 18 December 2019 (2017: 18 December 2019). 
 
  Several of the Group's leases incorporate collars and caps on US Dollar and 
  Rouble exchange rates. These have been categorised as embedded derivatives 
  and their fair values calculated resulting in the assets or liabilities disclosed 
  above. 
 
 19. Cash and short term deposits                                                       2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Cash at bank and on 
  call                                                                                     45,153        128,079 
 Short term deposits                                                                       28,297         69,058 
                                                                                           73,450        197,137 
                                                                                   --------------  ------------- 
 
 Cash at bank and on call attracts variable interest rates, whilst short term 
  deposits attract fixed rates but mature and re-price over a short period of 
  time. The weighted average interest rate at the balance sheet date is 5.50% 
  (2017: 5.04%). 
 
 20. Trade and other payables                                                           2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Trade and other payables                                                                   4,900          4,998 
 Construction payables                                                                      2,958          7,764 
 Advanced rentals                                                                          20,840         19,574 
 Deferred consideration on property 
  acquisitions                                                                             12,197         17,874 
 Other payables                                                                             4,392          5,172 
 Current tax payable                                                                       11,369         14,656 
 Other tax payable                                                                          9,518          9,382 
 Head leases (note 24)                                                                         18              7 
                                                                                           66,192         79,427 
                                                                                   --------------  ------------- 
 
 21. Interest bearing loans 
  and borrowings                                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 Bank loans 
 Loans due for settlement within 
  12 months                                                                                75,565         78,871 
 Loans due for settlement after 
  12 months                                                                               567,865        547,371 
                                                                                          643,430        626,242 
                                                                                   --------------  ------------- 
 
 The Group's borrowings have the following 
  maturity profile: 
 On demand or within one year                                                              75,565         78,871 
 In the second year                                                                        20,730        109,636 
 In the third to fifth years                                                              333,862        283,816 
 After five years                                                                         213,273        153,919 
                                                                                          643,430        626,242 
                                                                                   --------------  ------------- 
 
 The amounts above include unamortised loan origination costs of GBP7.1 million 
  (2017: GBP7.8 million) and interest accruals of GBP1.3 million (2017: GBP1.2 
  million). 
 
 The Group's interest bearing loans and borrowings have a weighted average interest 
  rate of 7.69% (2017: 7.62%) and a weighted average term to maturity of 4 years 
  (2017: 4.5 years). 
 
 The interest rates shown above are the weighted average cost, including the 
  relevant benchmark rate, as at the Balance Sheet dates. 
 
  There have been a number of changes to the Group's financing arrangements in 
  the year. The Group drew down EUR86.0 million and Rub 5.7 billion on new and 
  existing debt facilities, repaying $108 million of existing debt. In addition 
  existing facilities of $306 million were extended and / or converted into Rouble 
  / Euro blended facilities of Rub 11.9 billion and EUR113 million. 
 
  Since the year end, the Group has drawn a further Rub 358 million and EUR13 
  million of new bank debt, whilst repaying $13 million of existing debt. 
 
  As at 31 December 2018 the Group had interest rate hedges for GBP396.8 million 
  of borrowings (2017: GBP349.6 million) capped at 3.90% (2017: 1.61%) for a 
  weighted average of 4 years (2017: 3 years). None of the Group's borrowings 
  have fixed interest rates (2017: GBP141.2 million). 
 
 22. Preference shares                                                                  2018            2017 
                                                                                       GBP'000        GBP'000 
 Issued share capital: 
 At 1 January                                                                             108,263        106,582 
 Purchased in the year                                                                          -           (84) 
 Reissued in the year                                                                           -            710 
 Premium on redemption of preference shares and 
  amortisation of issue costs                                                                 417            417 
 Scrip dividends                                                                              591            638 
 At 31 December                                                                           109,271        108,263 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
                                                                                       Number          Number 
 Issued share capital: 
 At 1 January                                                                          99,143,192     98,265,327 
 Purchased in the year                                                                          -       (56,866) 
 Reissued in the year                                                                           -        487,047 
 Scrip dividends                                                                          413,342        447,684 
 At 31 December                                                                        99,556,534     99,143,192 
                                                                                   --------------  ------------- 
 
 Shares in issue                                                                       99,613,402     99,200,060 
 Held by the Company's Employee Benefit Trusts                                           (56,868)       (56,868) 
 At 31 December                                                                        99,556,534     99,143,192 
                                                                                   --------------  ------------- 
 
 The preference shares entitle the holders to a cumulative annual dividend of 
  12 pence per share. 
 
 
 23. Convertible preference shares                                                      2018            2017 
                                                                                       GBP'000        GBP'000 
 Issued share capital: 
 At 1 January                                                                             198,870         96,997 
 Issued in the year                                                                             -        100,788 
 Allocated to equity                                                                            -        (4,693) 
 Acquired by Company's Employee Benefit 
  Trust                                                                                         -        (3,007) 
 Reissued in the year                                                                           -          3,235 
 Converted to ordinary shares (note 
  26)                                                                                           -          (250) 
 Premium on redemption of preference shares and 
  amortisation of issue costs                                                               7,246          5,784 
 Movement on accrual for preference 
  dividends                                                                                     -             16 
 At 31 December                                                                           206,116        198,870 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
                                                                                       Number          Number 
 Issued share capital: 
 At 1 January                                                                         192,388,886    102,837,876 
 Issued in the year                                                                             -     89,766,361 
 Acquired by Company's Employee Benefit 
  Trust                                                                                         -    (2,631,578) 
 Reissued in the year                                                                           -      2,683,075 
 Converted to ordinary shares 
  (note 26)                                                                                     -      (266,848) 
 At 31 December                                                                       192,388,886    192,388,886 
                                                                                   --------------  ------------- 
 
 Shares in issue                                                                      198,189,014    198,189,014 
 Held by the Company's Employee 
  Benefit Trust                                                                       (5,800,128)    (5,800,128) 
 At 31 December                                                                       192,388,886    192,388,886 
                                                                                   --------------  ------------- 
 
 
 The convertible preference shares entitle the holders to a cumulative annual 
  dividend of 6.5 pence per share and are redeemable by the Company on 6 July 
  2026 at GBP1.35 per share. The convertible preference shares are convertible 
  to ordinary shares at the holder's request at any time prior to redemption 
  at a rate that is currently 1.617 ordinary shares for each convertible preference 
  share. 
 
 
 In applying its accounting policies the Group has determined that the convertible 
  preference shares are a compound financial instruments in that it has a liability 
  component and an equity component. The Group has determined the fair value 
  of the liability component, which is reflected above, and the residual amount 
  of the fair value of the consideration received on issue is equity. The fair 
  value of the liability component has been calculated using a discounted cash 
  flow model. 
 
 24. Other payables                                                                     2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Rent deposits                                                                             16,425         16,734 
 Deferred consideration on property 
  acquisitions                                                                                  -          7,402 
 Head leases                                                                                1,372          1,429 
                                                                                           17,797         25,565 
                                                                                   --------------  ------------- 
 
 The Group has leasehold properties that it classifies as investment property 
  and investment property under construction. Minimum lease payments due over 
  the remaining term of the leases totalled GBP3.9 million (2017: GBP4.3 million) 
  and have a present value at 31 December 2018, as reflected above and in note 
  20, of GBP1.4 million (2017: GBP1.4 million). 
 
 25. Deferred tax 
                                                                      Tax losses        Other          Total 
 (a) Deferred tax assets                                                GBP'000        GBP'000        GBP'000 
 
 Balance at 1 January 2017                                                 21,551             524         22,075 
 On translation to presentation currency                                    (770)               -          (770) 
 Credit for the year                                                        2,488             336          2,824 
 On acquisition (note 38)                                                   1,482               -          1,482 
 Balance at 31 December 2017                                               24,751             860         25,611 
 On translation to presentation 
  currency                                                                (2,852)            (40)        (2,892) 
 Credit for the year                                                          237            (41)            196 
 On acquisition (note 38)                                                   1,490               -          1,490 
 Balance at 31 December 2018                                               23,626             779         24,405 
                                                                     ------------  --------------  ------------- 
 
 The Group has tax losses in Russia of GBP265 million (2017: GBP261 million) 
  and tax losses in the UK of GBP53 million (2017: GBP53 million) for which deferred 
  tax assets have not been recognised. The losses in the UK do not have an expiry 
  date. The losses in Russia can be carried forward indefinitely, however there 
  is a restriction on the use of losses in that taxable profits cannot be reduced 
  by more than 50% in any one year. 
 
                                                                      Accelerated    Revaluation 
                                                                          tax       of investment 
                                                                      allowances      property         Total 
 (b) Deferred tax liabilities                                           GBP'000        GBP'000        GBP'000 
 
 Balance at 1 January 2017                                                 32,568          17,162         49,730 
 On translation to presentation 
  currency                                                                (1,404)         (1,486)        (2,890) 
 Charge for the year                                                        5,233           7,772         13,005 
 Balance at 31 December 2017                                               36,397          23,448         59,845 
 On translation to presentation currency                                  (4,161)           1,458        (2,703) 
 Charge / (credit) for the year                                             6,760         (6,502)            258 
 Balance at 31 December 2018                                               38,996          18,404         57,400 
                                                                     ------------  --------------  ------------- 
 
 26. Share capital 
 
                                                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 Issued share capital: 
 At 1 January                                                                               6,606          6,680 
 Issued in the year for cash on warrant 
  exercises (note 27)                                                                          85            139 
 On conversion of convertible preference 
  shares (note 23)                                                                              -              5 
 Repurchased and cancelled in 
  the year                                                                                  (458)          (218) 
 At 31 December                                                                             6,233          6,606 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
                                                                                       Number          Number 
 Issued share capital: 
  At 1 January                                                                        660,571,843    667,968,463 
  Issued in the year for cash on warrant 
   exercises (note 27)                                                                  8,500,126     13,946,387 
  On conversion of convertible preference 
   shares (note 23)                                                                             -        474,722 
  Repurchased and cancelled 
   in the year                                                                       (45,802,535)   (21,817,729) 
  At 31 December                                                                      623,269,434    660,571,843 
                                                                                   --------------  ------------- 
 
 Of the authorised ordinary share capital of 1,500,000,000 at 31 December 2018, 
  2,448,226 (2017: 10,948,352) are reserved for warrants. 
 
  Details of own shares held are given in note 28. 
 
 27. Warrants                                                                           2018            2017 
                                                                                       GBP'000        GBP'000 
 
 At 1 January                                                                                 438            996 
 Exercised in the year (note 
  26)                                                                                       (340)          (558) 
 At 31 December                                                                                98            438 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
                                                                                       Number          Number 
 
 At 1 January                                                                          10,948,352     24,894,739 
 Exercised in the year (note 
  26)                                                                                 (8,500,126)   (13,946,387) 
 At 31 December                                                                         2,448,226     10,948,352 
                                                                                   --------------  ------------- 
 
 The Company has issued warrants, which entitle each holder to subscribe for 
  ordinary shares in the Company at an exercise price of 25 pence per share. 
  The warrants expire on 25 March 2019. 
 
  565,543 warrants have been exercised in the period since 31 December 2018 (2017: 
  315). 
 
 28. Own shares held                                                                    2018            2017 
                                                                                       GBP'000        GBP'000 
 
 At 1 January                                                                             (3,652)        (4,692) 
 Acquired under a tender offer                                                            (4,160)              - 
 Other acquisitions                                                                          (75)          (124) 
 Allocation to satisfy Annual Performance 
  Incentive (note 31)                                                                       1,278              - 
 Cancelled                                                                                     36             30 
 Allocation to satisfy LTIP options 
  exercised (note 31a)                                                                        608          1,134 
 At 31 December                                                                           (5,965)        (3,652) 
                                                                                   --------------  ------------- 
 
                                                                                        2018            2017 
                                                                                       Number          Number 
 
 At 1 January                                                                           5,150,122      6,444,080 
 Acquired under a tender offer                                                          8,000,000              - 
 Other acquisitions                                                                       173,958        257,703 
 Allocation to satisfy Annual Performance Incentive 
  (note 31)                                                                           (1,704,000)              - 
 Cancelled                                                                               (48,613)       (39,472) 
 Allocation to satisfy LTIP options 
  exercised (note 31a)                                                                  (810,811)    (1,512,189) 
 At 31 December                                                                        10,760,656      5,150,122 
                                                                                   --------------  ------------- 
 
 Allocations are transfers by the Company's Employee Benefit Trusts to satisfy 
  LTIP options exercised in the year and certain of the 2017 Annual Performance 
  Incentives to directors. The amounts shown for share movements are net of the 
  Trustees' participation in tender offers during the period from grant to exercise. 
  Details of outstanding LTIP options, which are vested but unexercised, are 
  given in note 31a. 
 
 29. Equity 
 
 The following describes the nature and purpose 
  of each component within equity: 
 
 Component               Description and purpose 
 Share capital           The amount subscribed for ordinary share capital 
                          at nominal value. 
 Share premium           The amount subscribed for ordinary share capital in excess 
                          of the nominal value. 
 Warrants                The consideration attributed to the subscription of warrants 
                          less associated costs of issuance. 
 Own shares              The cost to the Company of acquiring the own shares held by the Company 
  held                    and its subsidiary undertakings or Employee Benefit Trusts. 
 Convertible             The amount subscribed for convertible preference shares which 
  preference              the Directors consider to be Equity. 
  shares 
 Capital                 The amount of any capital profits and losses, including gains and 
  reserve                 losses on the disposal of investment properties (after taxation), 
                          increases and decreases in the fair value of investment properties 
                          held at each period end, foreign exchange profits and losses on capital 
                          items, profits and losses on forward currency financial instruments 
                          relating to capital items and deferred taxation on the increase in 
                          fair value of investment properties. 
 Translation             The amount of any gains or losses arising on the retranslation of 
  reserve                 net assets of overseas operations. 
 Retained                The amount of any profit or loss for the year after payment of dividend, 
  earnings                together with the amount of any equity-settled share-based payments, 
                          and the transfer of capital items described above. Retained earnings 
                          also includes distributable reserves created when in 2005 and 2006 
                          the Company applied to the Royal Court of Guernsey to cancel its 
                          share premium at that time and create a reserve which is distributable. 
 
 30. Net asset value per share 
 
 The Group no longer reports its own adjusted net asset value and adjusted net 
  asset value per share. With the change in presentation currency from US Dollars 
  to Sterling the most significant adjustment, being the unrealised foreign exchange 
  gains and losses on irredeemable preference shares, is no longer relevant. 
                                             2018                                       2017 
                                            Number                                     Number 
 
  Number of ordinary shares 
   (note 26)                               623,269,434                                660,571,843 
  Less own shares held (note 
   28)                                    (10,760,656)                                (5,150,122) 
                                        --------------                             -------------- 
                                           612,508,778                                655,421,721 
                                        --------------                             -------------- 
 
                                             2018                                       2017 
                                                         Net asset                                   Net asset 
                                                                                                       value 
                            Net asset      Ordinary      value per     Net asset      Ordinary           per 
                              value         shares         share         value         shares          share 
                             GBP'000       No. '000        Pence        GBP'000       No. '000         Pence 
 Net asset value per 
  share                        295,627         612,509           48       391,838         655,422             60 
 Effect of dilutive potential 
  ordinary shares: 
 Convertible preference 
  shares (note 23)                   -               -                    198,870         338,412 
 Warrants (note 27)                612           2,448                      2,737          10,948 
 LTIP (Note 31)                    266           1,062                        468           1,873 
 2016 Retention Scheme 
  (note 31)                      2,095           4,998                      1,267           4,616 
 Fully diluted net 
  asset value per share        298,600         621,017           48       595,180       1,011,271             59 
                          ------------  --------------               ------------  -------------- 
 
 
 The balance sheet carrying value of the liability portion of the convertible 
  preference shares divided by the number of ordinary shares that would be issued 
  on their conversion is greater than the NAV per share and thus the convertible 
  preference shares are not dilutive. 
 
  The number of potential ordinary shares is the total number of ordinary shares 
  assuming the exercise of all potential ordinary shares less those not expected 
  to vest. 
 
 31. Share-based payments and other long term incentives 
 
  The Group has utilised a number of different share schemes to reward and incentivise 
  the Group's executives and senior staff. 
 
  Long Term Incentive Plan ("LTIP") 
 
  The LTIP options vested in three equal tranches, subject to performance criteria, 
  on 24 March 2012, 2013 and 2014. The LTIP options have an exercise price of 
  25p per option and have vested in full. The LTIP is closed and further awards 
  cannot be made. Awards made under the LTIP have been accounted for in accordance 
  with the Group's accounting policy for Share-based payments. 
 
  2016 Retention Scheme 
  During 2016 the Group terminated the CBLTIS 2015 and the Company's shareholders 
  approved the introduction of the 2016 Retention Scheme. Awards under the scheme 
  were made to the executive directors of the Company and two senior managers 
  of the Group. The awards entitled the participants to three equal payments 
  each equivalent to 150% of their basic salary. The first instalment was paid 
  on approval of the scheme and the second on 31 December 2017. The third instalment 
  will be paid on 31 March 2019. The sole condition for each instalment being 
  paid is the continuing employment of the participant at the relevant payment 
  date. 
 
  Participants will receive payment of an instalment in a combination of the 
  Company's listed securities and cash. The numbers of listed securities to be 
  issued to satisfy such payments will be calculated with reference to the average 
  price of the relevant security prior to the payment date. On 13 July 2016 an 
  employment benefit trust ("EBT") of the Company transferred 2,148,375 convertible 
  preference shares to participants of the scheme in satisfaction of the first 
  instalment. On 31 December 2017 the EBT transferred 487,049 preference shares 
  and 1,957,775 convertible preference shares in respect of the second instalment. 
  It is intended that convertible preference shares held by the EBT will also 
  be used to satisfy the third instalment. 
 
  Five Year Performance Plan ("FYPP") 
  The FYPP is a long term incentive scheme which is open to the executive directors 
  and two senior managers. The scheme allows each participant to invest into 
  the FYPP a number of the listed securities in the Company that they hold and 
  those that they receive on 31 March 2019 under the 2016 Retention Scheme. All 
  securities invested in the FYPP must continue to be retained by the participant 
  until 31 March 2023. On 31 March 2023, based on annual compound TSR calculations, 
  the participants will be entitled to receive up to three times the value of 
  the securities in the FYPP. Vested entitlements will be settled in the Company's 
  ordinary shares, with a value based on the average price of the Company's ordinary 
  shares for March 2023. 
 
  The performance period for the FYPP runs from 31 March 2018 to 31 March 2023. 
  Below an annual compound equivalent TSR of 4% the Plan will lapse, at an annual 
  compound TSR of 12% the Plan will vest in full and a sliding scale will apply 
  for a TSR between 4% and 12%. 
 
  The maximum aggregate investment in the FYPP is GBP12 million and the potential 
  participants will be required to confirm their participation and the amount 
  of their investment once the final payment under the 2016 Retention Scheme 
  has been made on 31 March 2023. 
 Annual Performance Incentive 
 
  As noted in the letter from the Remuneration Committee in the Group's 2017 
  Annual Report, two of the Company's directors accepted their Annual Performance 
  Incentive in the Company's ordinary shares rather than in cash. 
 
 (a) Movement in LTIP options 
 
                                                               2018                          2017 
                                                              No of                         No of 
                                                            options                       options 
 
 Outstanding at the beginning 
  of the year                                             1,872,973                     3,872,973 
 Exercised during the year 
 - LTIP                                                   (810,811)                   (2,000,000) 
 Outstanding at the end of the year                       1,062,162                     1,872,973 
                                                        -----------  ------------  -------------- 
 
 
 The options expire in March 2019. 
 
                                                                                        2018            2017 
 (b) Income Statement charge 
  for the year                                                                         GBP'000        GBP'000 
 
 Annual Performance Incentive                                                                 750              - 
 2016 Retention scheme                                                                      2,103          3,517 
 Five Year Performance Plan                                                                     -              - 
                                                                                            2,853          3,517 
                                                                                   --------------  ------------- 
 
 To be satisfied by allocation of: 
 Ordinary shares (IFRS 2 expense)                                                             750              - 
 Convertible preference shares / preference shares 
  (IFRS 2 expense)                                                                          2,103          2,260 
 Cash                                                                                           -          1,257 
                                                                                            2,853          3,517 
                                                                                   --------------  ------------- 
 
 Of the IFRS 2 expense for the year GBP2.1 million (2017: GBP1.3 million) is 
  included in current liabilities. 
 
 32. Capital commitments 
 
  The Group had no significant capital commitments at 31 December 2017 and 2018. 
 
 33. Related party transactions 
 
  Transactions between the Company and its subsidiaries, which are related parties, 
  have been eliminated on consolidation and are not disclosed in this note. Further 
  disclosures concerning transactions with the Company's directors are made in 
  the Remuneration Report and note 6. There are no loan balances with directors. 
 
 Remuneration of Directors and other key management 
  personnel                                                                             2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Short term employee benefits                                                               4,247          3,052 
 Post employment benefits                                                                     224            219 
 Share-based payments and other long 
  term incentives                                                                           2,853          3,527 
                                                                                            7,324          6,798 
                                                                                   --------------  ------------- 
 
 
 34. Financial instruments - risk management 
 
  The Group's activities expose it to a variety of financial risks in relation 
  to the financial instruments it uses: market risk (including currency risk, 
  price risk and cash flow interest rate risk), credit risk and liquidity risk. 
  The Group has the following financial instruments on its balance sheet: loans 
  receivable, restricted cash, trade receivables, cash and short term deposits, 
  trade and other payables, interest bearing loans and borrowings, preference 
  shares, convertible preference shares and derivative financial instruments. 
 
  Risk management parameters are established by the Board and overseen by management 
  in conjunction with professional advisers. Reports are provided to the Board 
  weekly basis and also when changes in risk parameters are required. 
 
 (a) Market risk 
 
 Currency risk 
 
  The Group operates internationally and is exposed to foreign exchange risk 
  arising from a variety of currency exposures, primarily with respect to Euro, 
  Sterling and US Dollar against the predominate functional currency of its subsidiaries 
  of Roubles. Foreign exchange risk arises from future commercial transactions 
  (including lease receivables), recognised monetary assets and liabilities and 
  net investments in foreign entities. 
 
  The majority of the Group's transactions are denominated in Roubles. The functional 
  currency of the Company is Sterling, which is also the presentation currency 
  of the Group. The analysis that follows considers the impact of these currencies 
  on the Group. 
 
  Rouble 
 
  The majority of the Group's transactions in Russia are undertaken in Roubles. 
  The Group's debt profile however is a mix of currencies and a weakening in 
  the Rouble exchange rate can put pressure on the Group's ability to service 
  foreign currency debt facilities. This risk has reduced over the last year 
  as the Group moves to a greater proportion of Rouble denominated debt. 
 
  A weak Rouble also has an impact on reported earnings per share and net asset 
  value per share when translated to the Group's presentation currency of Sterling. 
 
  Sterling 
 
  The Group's exposure to Sterling relates to the Company's preference shares, 
  convertible preference shares and ordinary shares, together with head office 
  administrative expenses. As the presentation currency of the Group, there will 
  also be foreign currency movements through the Group's translation reserve 
  when restating opening balances on consolidation. 
 
  Euro 
 
  The Group has exposure to Euro debt facilities and a small number of Euro pegged 
  leases. As noted above, a weak Rouble may reduce the Group's ability to service 
  that debt. A weak Rouble will however increase Rouble income on Euro pegged 
  leases. 
 
  US Dollar 
 
  Currency risk to US Dollars is now significantly reduced as the Group moves 
  away from US Dollar debt facilities. It is expected that there will be no US 
  Dollar facilities by the end of 2019. The Group still has a proportion of its 
  leases pegged to the US Dollar and these will mature over the next three years. 
  A weakening Rouble relative to the US Dollar will put pressure on debt servicing 
  of the remaining US Dollar debt but also generate increased Rouble income on 
  US Dollar pegged leases. 
 
 Accounting standards require disclosure of monetary assets and liabilities 
  that are denominated in currencies different from the functional currency of 
  the specific subsidiary or entity in the Group. These are set out in the tables 
  below. 
 
 
 As at 31 December 2018                     Rouble          Euro       US Dollar      Sterling          ZAR 
                                            GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 Non-current assets 
 Restricted cash                                     -            -           630               -              - 
 Derivative financial instruments                7,236        4,782             -               -              - 
                                                 7,236        4,782           630               -              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 Current assets 
 Rent receivable                                     -            1         2,476               -              - 
 Restricted cash                                     -            -         1,006               -              - 
 Derivative financial instruments                    -            -            20               -              - 
 Other current receivables                          15          971            84              37              - 
 Cash and short term deposits                    8,835        3,236           984              26            100 
                                                 8,850        4,208         4,570              63            100 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 Non-current liabilities 
 Interest bearing loans and 
  borrowings                                   122,717       95,821             -               -              - 
 Rent deposits                                       -            -         9,935               -              - 
                                               122,717       95,821         9,935               -              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 Current liabilities 
 Interest bearing loans and 
  borrowings                                    27,250       27,122             -               -              - 
 Rent deposits                                       -           88         5,799               -              - 
 Other payables                                     68          436            40             349              - 
                                                27,318       27,646         5,839             349              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 
 As at 31 December 2017                     Rouble          Euro       US Dollar      Sterling          ZAR 
                                            GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 Non-current assets 
 Restricted cash                                     -            -           226               -              - 
 Derivative financial instruments                    -        1,842            48               -              - 
                                                     -        1,842           274               -              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 Current assets 
 Rent receivable                                     -            1         2,153               -              - 
 Restricted cash                                     -            -             -               -              - 
 Derivative financial instruments                    -            -             7               -              - 
 Other current receivables                          38        1,230             4              17              - 
 Cash and short term deposits                   40,649       30,908         8,928              69              - 
                                                40,687       32,139        11,092              86              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 Non-current liabilities 
 Interest bearing loans and 
  borrowings                                         -       44,302        64,389               -              - 
 Rent deposits                                       -            -        13,292               -              - 
                                                     -       44,302        77,681               -              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 Current liabilities 
 Interest bearing loans and 
  borrowings                                    10,524            -         2,063               -              - 
 Rent deposits                                   3,543            -             -               -              - 
 Other payables                                     58            -           400               -              - 
                                                14,125            -         2,463               -              - 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 The sensitivity analyses below are based on a change in an assumption while 
  holding all other assumptions constant. In practice this is unlikely to occur 
  and changes in some of the assumptions may be correlated, for example a change 
  in interest rate and a change in foreign currency exchange rates. The Group 
  principally manages foreign currency risk on a project by project basis. 
 
  The table below shows the impact on profits if US Dollar, Euro, Rouble or Sterling 
  weakened or strengthened by 10% against the functional currency of the specific 
  subsidiary or entity in the Group, with all other variables in each case remaining 
  constant, then: 
 
                                                                                        2018            2017 
 Post tax profit or loss would 
  change by:                                                                           GBP'000        GBP'000 
 
 US Dollar                                                                                  1,104          8,032 
 Russian Rouble                                                                            13,395          4,069 
 Sterling                                                                                      28              4 
 Euro                                                                                      11,699          1,278 
 
 
 The Group's interest rate risk arises from its long-term borrowings (note 21), 
  preference shares (note 22) and convertible preference shares (note 23). Borrowings 
  issued at variable rates expose the Group to cash flow interest rate risk, 
  whilst borrowings issued at a fixed rate expose the Group to fair value risk. 
  The Group's cash flow and fair value risk is reviewed monthly by the Board. 
  The cash flow and fair value risk is approved monthly by the Board. 
 
  The Group analyses its interest rate exposure on a dynamic basis. It takes 
  on exposure to the effects of fluctuations in the prevailing levels of market 
  interest rates on its financial position and cash flows. Interest costs may 
  increase as a result of such changes. They may reduce or create losses in the 
  event that unexpected movements arise. Various scenarios are simulated taking 
  into consideration refinancing, renewal of existing positions, alternative 
  financing and hedging. Based on these scenarios the Group calculates the impact 
  on profit and loss of a defined interest rate shift. The simulation is run 
  on an on-going basis to verify that the maximum potential impact is within 
  the parameters expected by management. Formal reporting to the Board on cash 
  flows is made on a monthly basis. 
 
  To date the Group has sought to fix its exposure to interest rate risk on borrowings 
  through fixed rate debt facilities, the use of a variety of interest rate derivatives 
  and the issue of preference shares and convertible preference shares at a fixed 
  coupon. This gives certainty over future cash flow but exposure to fair value 
  movements, which amounted to an accumulated unrealised loss of GBP13.8 million 
  at 31 December 2018 (2017: loss of GBP10.9 million). 
 
 We have diversified our debt exposure and, hence, interest rate exposure. The 
  Group is now less exposed now to US LIBOR and more sensitive to EURIBOR and 
  Central Bank of Russia Key rate movements. Sensitivity to all benchmark rates 
  is presented in the table below. 
 
                                                                   2018                         2017 
                                                          Increase     Decrease       Increase        Decrease 
                                                          100 bps       100 bps        100 bps        100 bps 
                                                          GBP'000       GBP'000        GBP'000        GBP'000 
 US LIBOR                                                      (81)           344         (1,923)          4,532 
 EURIBOR                                                    (1,499)             -           (317)              - 
 Central Bank of Russia Key 
  rate                                                        (704)         1,680               -              - 
 
 (b) Credit 
  risk 
 
 Credit risk refers to the risk that a counterparty will default on their contractual 
  obligations resulting in financial loss to the Group. The Group's principal 
  financial assets are cash and short term deposits and trade receivables. 
 
  Cash and short term deposits are placed with a variety of financial institutions 
  in order to spread the counterparty risk and in accordance with limits approved 
  by the Board. The Group considers the credit rating of its counterparties when 
  assessing whether a particular financial institution is suitable. Deposits 
  and liquidity requirements are considered by management weekly. 
 
  The Group reviews the creditworthiness of potential tenants prior to entering 
  into a lease. Based on this assessment the Group will require a cash deposit 
  or guarantee as collateral for the tenant's obligations under the lease. The 
  collateral typically represents three months rent but may be shorter or longer 
  as required. The Group has a relatively large number of different tenants and 
  as disclosed in note 5 there is only a single tenant that accounts for in excess 
  of 10% of Group revenue. 
 
  Taking these factors into account and having examined the Group's historical 
  credit loss ratio, the risk to the Group of individual tenant default is considered 
  low. An allowance for impairment of trade receivables is made with reference 
  to the Group's assessment of expected credit loss or where there is objective 
  evidence that the Group will not be able to collect all amounts due. Details 
  of the movements in provision for impairment of trade receivables is provided 
  in the table below. 
 
                                                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 
 At 1 January                                                                               3,416          3,711 
 Effect of foreign exchange 
  rate changes                                                                              (240)          (223) 
 Charge for the year                                                                            -             82 
 Utilised in the year                                                                       (238)              - 
 Unused amounts reversed                                                                     (58)          (154) 
 At 31 December                                                                             2,880          3,416 
                                                                                   --------------  ------------- 
 
 At 31 December 2018 there were no significant amounts of unimpaired trade receivables 
  that were past due for collection (2017: GBP nil). 
 (c) Liquidity risk 
 
  Prudent liquidity risk management implies maintaining sufficient cash, the 
  availability of funding through an adequate amount of committed credit facilities 
  and the ability to close out market positions. The Board and its advisers seek 
  to have appropriate credit facilities in place on a project by project basis, 
  either from available cash resources or from bank facilities. 
 
  Management monitor the Group's liquidity position on a daily basis and formal 
  liquidity reports are issued from all jurisdictions on a weekly basis and are 
  reviewed monthly by the Board, along with cash flow forecasts. A summary table 
  with maturity of financial liabilities is presented below. 
 
  All amounts shown are gross undiscounted cash flows. 
 
 Financial liabilities                                                                                 Years 
                                                                                       Years 3 
 As at 31 December 2018                      Total        Current       Year 2           to 5         6 to 10 
                                            GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 
 Interest bearing loans and 
  borrowings                                   814,184      124,230        64,568         401,318        224,068 
 Preference shares                             119,537       11,954        11,954          35,861         59,768 
 Convertible preference shares                 353,514       12,505        12,505          37,516        290,988 
 Derivative financial instruments                    1            1             -               -              - 
 Head leases                                     1,150          115           115             345            575 
 Trade and other payables                       28,927       12,503         5,396           8,147          2,881 
                                             1,317,313      161,308        94,538         483,187        578,280 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 As at 31 December 2017 
 
 Interest bearing loans and 
  borrowings                                   792,484      122,949       146,249         353,389        169,897 
 Preference shares                             118,971       11,897        11,897          35,691         59,486 
 Convertible preference shares                 366,018       12,505        12,505          37,516        303,492 
 Derivative financial instruments                   26           26             -               -              - 
 Head leases                                     1,149          115           115             345            574 
 Trade and other payables                       34,525       17,799         5,718          10,335            673 
                                             1,313,173      165,291       176,484         437,276        534,122 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 Details of the interest rates applicable to the Group's long term borrowings 
  and preference shares are given in notes 21 and 22. The Group is subject to 
  interest costs in perpetuity in respect of preference shares, which have no 
  contractual maturity date. The table above does not show cash flows beyond 
  10 years. 
 
  The Group monitors its risk to a shortage of funds by forecasting cash flow 
  requirements for future years. The Group's objective is to maintain a balance 
  between continuity of funding and flexibility through the use of short term 
  borrowing facilities, bank loans and equity fund raisings. 
 
  Fair values 
  Set out below is a comparison by class of the carrying amounts and fair value 
  of the Group's financial instruments in the financial statements. 
 
                                                                   2018                         2017 
                                                          Carrying       Fair         Carrying          Fair 
                                                           Value         Value          Value          Value 
                                                          GBP'000       GBP'000        GBP'000        GBP'000 
 Non-current assets 
 Loans receivable                                               676           627             491            459 
 Restricted 
  cash                                                       12,249        12,249             965            902 
 Derivative financial instruments                            21,953        21,953           5,875          5,875 
 
 Current assets 
 Trade receivables                                           27,803        27,803          32,773         32,773 
 Restricted cash                                              1,792         1,792               -              - 
 Other current receivables                                      907           907           1,116          1,116 
 Derivative financial instruments                               349           349             329            329 
 Cash and short term deposits                                73,450        73,450         197,137        197,137 
 
 Non-current liabilities 
 Interest bearing loans and 
  borrowings                                                567,865       561,076         547,371        549,592 
 Preference shares                                          109,271       130,494         108,263        144,749 
 Convertible preference shares                              206,116       226,057         198,870        234,714 
 Derivative financial instruments                                 -             -               -              - 
 Rent deposits                                               16,425        13,130          16,734         14,150 
 Deferred consideration                                           -             -           7,402          7,402 
 Other payables                                               1,372         1,372           1,428          1,428 
 
 Current liabilities 
 Interest bearing loans and 
  borrowings                                                 75,565        75,565          78,871         78,871 
 Derivative financial instruments                                 1             1              26             26 
 Rent deposits                                                7,242         7,242           4,895          4,895 
 Deferred consideration                                      12,197        12,197          17,874         17,874 
 Other payables                                               5,262         5,262          12,903         12,903 
 
 The fair values of loans receivable and borrowings have been calculated based 
  on a discounted cash flow model using a discount rate based on the Group's 
  weighted average cost of capital. The valuation technique falls within level 
  3 of the fair value hierarchy (see note 35 for definition). The fair value 
  of short term deposits, other assets, trade and other receivables, trade and 
  other payables is assumed to approximate to their book values. The fair value 
  of preference shares and convertible preference shares are assumed to be their 
  last quoted price, which is considered to be level 1 of the fair value hierarchy. 
  The fair value of derivatives is determined by a model with market based inputs. 
 
   (d) Capital risk management 
 
   The Group's objectives when managing capital are to safeguard the Group's ability 
   to continue as a going concern to provide returns to shareholders and benefits 
   for other stakeholders and to maintain an optimal capital structure to reduce 
   the cost of capital. 
 
   For capital risk management, the Directors consider both the ordinary and preference 
   shares to be permanent capital of the Company, with similar rights as to cancellation. 
 
   To maintain or adjust the capital structure, the Group may adjust the amount 
   of dividends paid to shareholders, under take tender offers, return capital 
   to shareholders, issue new shares or sell assets to reduce debt. Consistent 
   with others in its industry, the Group monitors capital on the basis of its 
   gearing ratio. This ratio is calculated as net debt divided by total capital. 
   Net debt is calculated as total liabilities but excluding provisions, head 
   lease obligations and preference shares, which for capital risk management 
   is considered to be capital rather than debt, less cash and short term deposits 
   and restricted cash. Total capital is calculated as equity, as shown in the 
   balance sheet, plus preference shares and net debt. Where the Group has a net 
   cash position, the gearing ratio will be zero. 
                                                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Non-current liabilities                                                                  847,806        830,222 
 Current liabilities                                                                      141,740        158,317 
 Total borrowings                                                                         989,546        988,539 
 Less: cash and short term deposits                                                        73,450        197,137 
 Less: restricted cash                                                                     14,041            965 
                                                                                   --------------  ------------- 
 Net debt                                                                                 902,055        790,437 
                                                                                   --------------  ------------- 
 
 Equity                                                                                   295,627        391,838 
 Preference shares                                                                        109,271        108,263 
 Total capital                                                                          1,306,953      1,290,538 
                                                                                   --------------  ------------- 
 
 Gearing ratio                                                                             69.02%         61.25% 
                                                                                   --------------  ------------- 
 
 35. Fair value measurement 
 
  The following table provides the fair value measurement hierarchy* of the Group's 
  assets and liabilities. 
 
                                                                                                       Total 
                                                                                                        Fair 
                                                          Level 1       Level 2        Level 3         Value 
 As at 31 December 2018                                   GBP'000       GBP'000        GBP'000        GBP'000 
 
 Assets measured at fair value 
 Investment property                                              -             -       1,175,440      1,175,440 
 Investment property under 
  construction                                                    -             -          30,548         30,548 
 Derivative financial instruments                                 -        22,302               -         22,302 
 
 Liabilities measured at fair 
  value 
 Derivative financial instruments                                 -             1               -              1 
                                                        -----------  ------------  --------------  ------------- 
 
 As at 31 December 2017 
 
 Assets measured at fair value 
 Investment property                                              -             -       1,159,172      1,159,172 
 Investment property under 
  construction                                                    -             -          28,608         28,608 
 Derivative financial instruments                                 -         6,204               -          6,204 
 
 Liabilities measured at fair 
  value 
 Derivative financial instruments                                 -            26               -             26 
                                                        -----------  ------------  --------------  ------------- 
 
 * Explanation of the fair value hierarchy: 
 Level 1 - Quoted prices in active markets for identical assets or liabilities 
  that can be accessed at the balance sheet date. 
 
  Level 2 - Use of a model with inputs that are directly or indirectly observable 
  market data. 
 
  Level 3 - Use of a model with inputs that are not based on observable market 
  data. 
 
  The Group's foreign currency derivative financial instruments are call options 
  and are measured based on spot exchange rates, the yield curves of the respective 
  currencies as well as the currency basis spreads between the respective currencies. 
  The Group's interest rate derivative financial instruments comprise swap contracts 
  and interest rate caps. These contracts are valued using a discounted cash 
  flow model and where not cash collateralised consideration is given to the 
  Group's own credit risk. 
 
  There have been no transfers between level 1 and level 2 during the year or 
  the prior year. 
 
 36. Operating lease arrangements 
 
  The Group earns rental income by leasing its investment properties to tenants 
  under non-cancellable operating leases, which are discussed in detail in the 
  Strategic Report and note 13. At the Balance Sheet date the Group had contracted 
  with tenants for the following future minimum lease payments:- 
 
                                                                                        2018            2017 
                                                                                       GBP'000        GBP'000 
 
 Within one year                                                                          124,107        120,708 
 In the second year                                                                        92,553        101,418 
 In the third to fifth year 
  (inclusive)                                                                             133,265        150,533 
 After five years                                                                          66,757         34,128 
                                                                                          416,682        406,787 
                                                                                   --------------  ------------- 
 
 37. Reconciliation of liabilities arising from 
  financing activities 
                                                                     Non-cash changes 
 Year ended 31 December                                                 Foreign 
  2018                        2017        Cash flows     Fair value     exchange        Other           2018 
                             GBP'000        GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 
 Interest bearing loans 
  and borrowings               626,242        (10,588)            -        24,282           3,494        643,430 
 Preference shares             108,263               -            -             -           1,008        109,271 
 Convertible preference 
  shares                       198,870               -            -             -           7,246        206,116 
 Derivative financial 
  instruments                  (6,040)        (18,848)        3,066         (480)               -       (22,302) 
                               927,335        (29,436)        3,066        23,802          11,748        936,515 
                          ------------  --------------  -----------  ------------  --------------  ------------- 
 
 Year ended 31 December 2017                                         Non-cash changes 
                                                                        Foreign 
                              2016        Cash flows     Fair value     exchange        Other           2017 
                             GBP'000        GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 
 Interest bearing loans 
  and borrowings               598,708          75,201            -      (51,356)           3,689        626,242 
 Preference shares             106,582            (84)            -             -           1,765        108,263 
 Convertible preference 
  shares                        96,997          97,781            -             -           4,092        198,870 
 Derivative financial 
  instruments                  (3,711)         (3,680)        1,364          (13)               -        (6,040) 
                               798,576         169,218        1,364      (51,369)           9,546        927,335 
                          ------------  --------------  -----------  ------------  --------------  ------------- 
 
                                                                         2018                           2017 
 Cash flows relating to interest bearing 
  loans and borrowings comprise:                                        GBP'000                       GBP'000 
 
 Proceeds from long term borrowings                                       155,628                        206,641 
 Repayment of long term borrowings                        (153,152)                      (98,167) 
 Add: payments to restricted 
  cash                                                       13,056                             - 
                                                        -----------                -------------- 
                                                                        (140,096)                       (98,167) 
 Loan amortisation                                                       (23,279)                       (29,684) 
 Bank borrowing costs paid                                 (50,000)                      (49,475) 
 Add: Interest paid                                          47,159                        45,886 
                                                        -----------                -------------- 
 Loan origination costs incurred                                          (2,841)                        (3,589) 
                                                                         (10,588)                         75,201 
                                                                     ------------                  ------------- 
 
 Other non-cash changes include amortisation of origination costs, movements 
  in interest accruals, accretion of premiums payable on redemption of preference 
  and convertible preference shares and the allocation to equity on issue of 
  convertible preference shares. 
 
 38. Acquisitions in the year 
 
 Acquisitions in the year 
 The Group made one corporate acquisition in the year, the purchase of Volga 
  Logistics Park. The Group purchased the property by acquiring all of the issued 
  share capital of the corporate vehicles that owned the property. In accordance 
  with its accounting policy, the Group considered the acquisition assessing 
  whether an integrated set of activities had been acquired in addition to the 
  property. It was concluded a business had not been purchased but rather the 
  acquisition of a group of assets and related liabilities. 
 
 Analyses of the consideration payable for the properties and the incidental 
  assets and liabilities are provided below: 
 
                                                                                                        2018 
                                                                                                      GBP'000 
 Non-current assets 
 Investment property (note 11)                                                                            30,805 
 Investment property under construction (note 12)                                                          2,444 
 Deferred tax assets (note 25a)                                                                            1,490 
 
 Current assets 
 Trade and other receivables                                                                                 642 
 Cash and short term deposits                                                                              1,235 
 
 Current liabilities 
 Trade and other payables                                                                                (2,621) 
                                                                                                   ------------- 
                                                                                                          33,995 
                                                                                                   ------------- 
 
 Discharged by: 
 Cash consideration paid                                                                                  32,958 
 Acquisition costs                                                                                           868 
 Consideration payable                                                                                       169 
                                                                                                          33,995 
                                                                                                   ------------- 
 
 Acquisitions in prior year 
 The Group made three corporate acquisitions in the prior period; Gorigo Logistics 
  Park, Primium Business Centre and Kellerman Business Centre. The Group purchased 
  the properties by acquiring all of the issued share capital of the corporate 
  vehicles that owned the properties. In accordance with its accounting policy, 
  the Group considered each acquisition in turn, and in each case it was concluded 
  a business had not been purchased but rather the acquisition of a group of 
  assets and related liabilities. 
 
 Analyses of the consideration payable for the properties and the incidental 
  assets and liabilities are provided below: 
 
                                                                        Offices 
                                            Primium      Kellerman       Total         Gorigo          Total 
                                            GBP'000       GBP'000       GBP'000        GBP'000        GBP'000 
 Non-current assets 
 Investment property (note 11) 
 Deferred tax assets (note 25a)                 23,280       16,724        40,004          28,589         68,593 
                                                     -            -             -           1,482          1,482 
 Current assets 
 Trade and other receivables 
 Cash and short term deposits                      187          352           539             225            764 
                                                 1,542          812         2,354             912          3,266 
 Current liabilities 
 Trade and other payables 
                                               (1,584)      (2,016)       (3,600)         (1,565)        (5,165) 
                                                23,425       15,872        39,297          29,643         68,940 
                                        --------------  -----------  ------------  --------------  ------------- 
 
 Discharged by: 
 Cash consideration paid                                                                                  68,278 
 Acquisition costs                                                                                           662 
                                                                                                          68,940 
                                                                                                   ------------- 
 
 

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