The largest owner of warehouses in Russia moved from Cyprus to Abu Dhabi – Kommersant
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The owners of the Cypriot company Prestino Investments, which owns the Russian assets of Raven Property Group, have changed jurisdiction from Cyprus to Abu Dhabi. This follows from the data of the registration chamber of Abu Dhabi, which drew attention to Forbes.
According to the registry, on February 27, 2023, Raven Russia (Holdings) Cyprus Limited transferred to the jurisdiction of the capital of the UAE and changed its name to Phoenix Property Group Limited. Prestino Investments Ltd changed jurisdiction to the UAE on February 13 and also became Phoenix Real Estate Investment Holdings Limited.
Representatives of Raven Russia confirmed to Forbes the redomiciliation of the company. Raven Russia explained that this was done for “the most efficient organization of business processes in the face of sanctions and counter-sanctions restrictions.”
In Russia, Raven Property Group owns 1.94 million sq. m. m of warehouse real estate in the Moscow and Leningrad regions, St. Petersburg, Rostov-on-Don and Nizhny Novgorod. According to this indicator, the company is the largest owner of warehouse real estate in the country. In March, the “daughter” of the British Raven Group announcedwhich will transfer warehouses in St. Petersburg to the Russian division of the company.
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