Warehouse Demand Boosts Raven Russia

Raven Russia, the British owner of Moscow and St. Petersburg warehouses, last week reported a sixfold increase in first-half profit. Net income increased to ?26.4 million ($53 million), or 6.21 pence per share, from ?4.1 million, or 1.67 pence, a year earlier as economic expansion bolstered demand for commercial storage space, the company said Wednesday in a statement. Net rental income rose to ?5.2 million from ?1.6 million. "Tenant demand remains strong, and investor demand is continuing to drive yields down further," chairman Richard Jewson said in the statement. "The business environment in which we operate continues to improve."