Secure Prop Regulatory News (SPDI)

1 Nov 2007 07:02

Aisi Realty Public Limited01 November 2007 1 November 2007 Aisi Realty Public Limited Terminal Brovary Update Aisi Realty Public Limited ("Aisi" or "the Company"), a property investmentcompany focusing on development projects and related investments in Ukraine,announces that it has received building approval from Brovary City Council ofKiev Region for its Terminal Brovary logistics complex. Following the receipt ofthe building permit all necessary permissions and approvals have now beenreceived to allow the commencement of construction. Furthermore, the generalcontractor has been selected for construction of the building, followingcompletion of ground works. It is expected that building construction work willbegin immediately. Completion of the project is expected in mid-2008. Terminal Brovary is some 27 kilometres from Kiev and will be one of Ukraine'sfirst Class A logistics warehouses. Over 42,800 square metres of warehouse spacewill be built together with office units. Terminal Brovary is locatedapproximately 17 kilometres from Kiev-Borispil airport and is strategicallypositioned to serve key markets in Europe and Russia being situated on theintersection of two major highways leading north-east to Moscow and south toKiev-Borispil airport. In addition, it has been decided to increase the Company's interest in TerminalBrovary to 90% through the acquisition of a further 30% stake from the originalvendors for US$1.25 million, in accordance with the sales and purchase agreemententered into in September 2006. The remaining 10% held by the original vendorswill be acquired following the signing of a lease agreement for the logisticscentre. Commenting on the project, Director of Aisi, Beso Sikharulidze said: "We arevery pleased to start work at the Brovary Warehouse and we have had good earlyindications of interest from international and local logistics companies. Thisis our first green-field venture and a flagship project in the local region." Enquiries Aisi Realty:Beso Sikharulidze 0038 044 459 3000 Corfin Communications:Neil Thapar, William Cullum 020 7977 0020 Libertas Capital:Andrew Hardy, Aamir Quraishi 020 7569 9650 This information is provided by RNS The company news service from the London Stock Exchange