Estates Gazette, August 2005

Anton Bilton's AIM listed Raven Mount is turning its attention from UK housebuilding to Russia. On Tuesday, Bilton announced the proposed flotation of Raven Russia on AIM by the end of this month. Bilton said:"Russia is a difficult but very exciting market, we have have spent two-and-a-half years ensuring we have the right Russian development partner. We will be looking at acquiring large retail, logistics and factory sheds.

"Russia's boom is the world's best-kept secret. We can get yields of 12-14% with dollar -denominated rents on strong European and Russian covenents. "Whereas the UK housebuilding sector is bad and getting worse, it is unlikely to recover for 3-5 years. "UK commercial tennant demand is also very soft," he added. Raven Mount will invest £10m in the Russian venture, while a further £140m is being raised from institutional investors through a share placing. Raven Mount will manage Raven Russia under a long-term contract. The new focus is part of its strategy to re-invent Raven Mount as an opportunistic co-investor and fund manager.

Raven Mount Chief Executive, Bim Sandhu said: "Within two years we will have virtually exited the old Swan Hill business and re-applied this capital. We will be focused on niche property areas which we believe are capable to producing exceptional returns. We intend to grow a significant property fund management business by investing our capital in new funds".

Raven Mount was formed by Bilton in 2003 to acquire upmarket housebuilder Swan Hill in a hostile takeover. In December, Bilton injected his privately owned assets in Raven Group into Raven Mount. At the time, he said the company would move into assisted living, regeneration projects and eastern and central european investment and development.