Last checked at 9 Nov 2009 12:40
For immediate release
AISI Realty Public Limited
"AISI" or "the Company"
Initial Disbursement of EBRD Loan
AISI, a property investment company focusing on development projects and related investments in Ukraine, is pleased to announce that it's 100 per cent. owned subsidiary "Terminal Brovary" has received the initial disbursement of funds from EBRD per the loan facility of up to US$34.4m signed on January 12, 2009. Amount of the first tranche expected to be disbursed in 2009 is US$16m. Received funds will allow the Company to move ahead with the final construction phase of Brovary Logistics Park, with intended completion and delivery of the property for the occupancy to the tenant per earlier signed 10 year pre-let agreement in Q1 2009.
Brovary Logistics Park, located approximately 27 kilometers from Kiev, will be one of Ukraine's first Class 'A' logistics warehouses and is the first of four major commercial and residential projects undertaken by the Company in Ukraine. Construction work at the site began in November 2007 and is on schedule for sole occupancy by UVK, a leading logistics operator in Ukraine in early 2010.
Beso Sikharulidze, a Director of AISI, said: "We are pleased to be able to proceed with the final construction phase, and deliver a quality facility to our tenant. This is a key milestone in the Company's long-term development and will generate substantial value for our shareholders as the Ukrainian property sector benefits from strong long-term growth drivers."
Enquiries:
| AISI Realty Public Ltd | |
| Beso Sikharulidze | +38 044 459 3000 |
| Paul Ensor | +44 759 521 9011 |
| Seymour Pierce Limited | + 44 (0) 207 107 8000 |
| Nandita Sahgal | |
| Christopher Wren |