Aisi signs facility agreement

RNS Number : 7749Z

Aisi Realty Public Limited

24 July 2008

 



24 July, 2008

Aisi Realty Public Limited

('Aisi' or 'the Company')

Aisi signs facility agreement for financing of Odessa warehouse

Aisi, a property investment company focusing on development projects and related investments in Ukraine, is pleased to announce that its wholly owned subsidiary company Aisi Bela, LLC has signed an agreement with Marfin Popular Bank Public Co Ltd, a Cypriot Bank with one of the largest international presences, for the construction and post-construction loan for Aisi's Bela Logistics Park in Odessa. 

Under the agreement, Aisi will borrow up to $65 million, secured against the asset and a corporate guarantee to complete the development and construction of the facility. The monies have been secured at internationally competitive rates. 

The Bela Logistics Park development is adjacent to the main Odessa-Kiev highway, approximately 20km from Odessa. Three independent warehouse buildings are to be constructed with a gross area of 108,000 sq. m., each with their own offices, gatehouse and fenced parking. One of the buildings has been designed to incorporate approximately 11,000 sq. m. of chilled storage. Construction of Bela Logistics Park began in April 2008 and is expected to complete in the fourth quarter of 2009. It will be one of southern Ukraine's biggest and most modern logistics facilities. 

Commenting on the project, Director of Aisi, Beso Sikharulidze said: 'We are extremely pleased to have signed an agreement that secures debt financing for our largest development in Ukraine so far. The establishment of a close working relationship with one of the Cyprus' largest and most reputable financial institutions should facilitate implementation of Aisi's growth strategy in the robust Ukraine real estate market. We have seen a lot of interest from international logistics operators in the Odessa region and Aisi is very well placed to service a growing and dynamic market-place.' 

Enquiries:

Aisi Realty:
Beso Sikharulidze	0038 044 459 3000
Corfin Communications:
William Cullum, Neil Thapar, Claire Norbury	020 7977 0020
Libertas Capital:
Aamir Quraishi, Andrew Hardy	020 7569 9650

 

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