Russian warehouse developer Raven Russia more than doubled its full year net profit in 2011 as demand from tenants outstripped supply, allowing it to pay a full year dividend and eye further portfolio growth.

Russia's real estate sector, hit hard during the financial crisis of 2008-2009, has been recovering steadily as projects frozen during the downturn are completed and let out while rising demand has boosted prices for existing space.

Raven Russia said pre-tax profit increased 131 percent to $128.9 million last year, while the full year dividend payment was set at 3 pence a share.

"We have been helped by a strong level of tenant demand and have done as well as we could have hoped," Chief Executive Glyn Hirsch said in a statement.

He added that the group's portfolio was now 92 percent let, and that it was in the process of buying up new plots in the north of Moscow despite limited borrowing options.

"The main direct issue for us is the small pool of debt providers to our market. Despite high margins and reliable cash flows the twin terrors of "Russia" and "property" keep most institutions away," Hirsch said.

Raven Russia is in the process of a share buyback to take advantage of a share price that is below net asset value (NAV). The group's shares are up 14.4 percent this year, valuing it at $552 million. (Reuters)