The Russian assets of the British warehouse developer Raven Russia, converted into state revenue, found a new owner on the fourth attempt. The winner of the auction for the sale of logo parks with a total area of 2 million square meters. m throughout Russia became JSC “Management Company “White Rock””, which offered 47.2 billion rubles. This is approximately 70% less than the market value. The new owner will most likely try to resell the assets. Buyers in this case could be marketplaces, state corporations and large closed-end funds, experts do not rule out.
The winner of the auction for the sale of the former assets of the developer Raven Russia on June 30 was JSC Management Company Belaya Skala, according to the auction protocol published by the GIS “Torgi”. Belaya Skala Management Company JSC offered 47.2 billion rubles for the developer’s warehouse portfolio. JSC Danube also participated in the auction, but the bidder’s price offer was lower.
We are talking about the purchase of shares in 17 legal entities, on the balance sheet of which are the company’s warehouse real estate with a total area of almost 2 million square meters. m. The lot includes shares in the companies Kulon SPB, Logopark Ob, Kstovo-Development, Phoenix, Liga, Sever Estate, EG Logistics, Soyuz-Invest, Gorigo.
Raven Russia Group of Companies was founded in 2005 by British businessmen Anton Bilton and Glyn Hirsch to invest in ready-made warehouse complexes and in the construction of new logistics facilities in Russia. In 2022, the company left the Russian market, transferring control over the business to local management. The deal was considered a sham by the Russian Prosecutor General’s Office. At the beginning of 2025, at the request of the supervisory authority, the assets of Raven Russia were turned into state income. The Prosecutor General’s Office pointed out the strategic importance of the holding for ensuring the defense and security of the state.
The sale price of Raven Russia assets is about 30% of the market value, which was estimated at 120–160 billion rubles, states Stanislav Akhmedzyanov, managing partner of IBC Global. Such a significant discount is due to the fact that the portfolio was put up for auction four times at a starting price of about 90 billion rubles, without attracting the interest of potential investors. Later, the terms of the sale were revised: the cut-off price was reduced to 45 billion rubles.
JSC “Management Company “White Rock”” belongs to LLC “SFO Aurora”, which is controlled by the “Aktiv” fund, the founders of which are Sergey Vinokurov and Elena Kuznetsova, it follows from SPARK data. Previously, shares in JSC Management Company Belaya Skala were owned by Natalia Simina, associated with Management Company Pervaya (formerly Sber Asset Management). Director of the warehouse and industrial real estate department at Remain, Alexander Fedorov, suggests that the company is now managing funds from unnamed investors.
Most likely, the new owner, after structuring the assets, will try to resell them, Alexey Slepov, director of the Ricci warehouse real estate department, does not rule out. The most likely buyers in this case will be marketplaces, state corporations and large closed-end funds, says Stanislav Akhmedzyanov. Previously, experts estimated the income from the Raven Russia portfolio at 16–20 billion rubles. per year, the capitalization rate can reach 14–15%.
The warehouse real estate market is experiencing a cooling after a period of rapid growth.
Based on the results of January-June 2026, the volume of demand for warehouses in the Russian Federation as a whole decreased by 38% year-on-year, to 870 thousand sq. m. m, according to Nikoliers. The average area of a transaction concluded on the warehouse market also decreased: in the first half of this year, this figure decreased by 40% year-on-year, to 13.1 thousand square meters. m, calculated by NF Group. Due to reduced business activity, the share of vacant space in logo parks in Moscow and the Moscow region by the end of June this year increased by 3.2 percentage points year-on-year, to 7.4%, according to IBC Real Estate data.
