'The value barely represents replacement cost, the yield seems completely out of line with other CEE countries and although we would buy property on these terms no-one can find any vendors willing to sell at this value.'

Hirsch added, 'At some point yields should revert to levels similar to Poland, Czechoslovakia and Hungary and then we will see a great NAV uplift. In the meantime we will concentrate on letting, cashflow and dividends.

'There is still no new development activity in our sector and with improving tenant demand, at some point soon vacant space will run out and rents will rise again.'

Hirsch said that if Raven could achieve $125 per sq m on its unlet space, its portfolio NOI [net operating income] would be $133m, allowing for attractive dividend growth.

'If yields start heading back towards 9-10% we are off to the races.

'At some point the markets will wake up to the fact that Russia is stable and growing, with inflation falling and high cash reserves.

'Whilst we are waiting for the markets to realise this, we will continue to build our unique business in a thoughtful and careful way.'

The company had $70.6m of annualised NOI at December, up 36% from 2008.

Chairman Richard Jewson said Raven had continued with plans to move to the Official List but had been told by the London Stock Exchange that this could not proceed while the company's issued warrants represented more than 20% of issued ordinary share capital. It was working with advisers to try to resolve this.