Secure Prop Regulatory News (SPDI)

13 Jan 2009 13:09



13 January 2009

Aisi Realty Public Limited ("Aisi" or "the Company")

Aisi signs $34.4m loan facility agreement with EBRD

Aisi, a property investment company focusing on development projects and related investments in Ukraine, is pleased to announce that its 100% owned subsidiary Terminal Brovary LLC has signed a loan facility agreement with the European Bank for Reconstruction and Development ("EBRD") for $34.4m of project finance for Brovary Logistics Centre, the Company's first commercial development located approximately 27 kilometres from Kiev. The loan facility is subject to Conditions Precedent, which are expected to be fulfilled.

This follows the signing in July 2008 of a 10-year pre-let agreement with UVK, a leading Ukrainian logistics operator, for the entire development comprising approximately 49,200 sq. m of warehousing space at rental values that are in line with market rates.

The EBRD financing will comprise a $34.4m senior loan of which at least $17.20m may be syndicated to commercial banks. The funds will be used for the completion of the logistics centre, one of the first Class 'A' logistics warehouses to be built in Ukraine and to address the severe shortage of Class A warehouse space in the Kiev region. Funds are expected to be drawn down within the next two to three weeks following National Bank of Ukraine approval of the loan.

Beso Sikharulidze, a director of Aisi, said: "We are extremely pleased to have the EBRD as a partner in this project, especially considering the difficult macro economic backdrop. We will now be able to proceed at full speed to complete the project with a view to handing over a first class building to the tenant in the shortest possible time." 

Full text of the EBRD press release can be viewed on their web site www.ebrd.com 

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