Aisi Realty Public Limited (Cyprus), created in 2005 for investing into the real estate market of Ukraine and quoted on the AIM of the London Stock Exchange, is planning in the third quarter of 2009 to complete the construction of the Terminal Brovary logistics complex in Brovary (Kyiv region), according to a statement by the company on the stock exchange.
The total area of the complex is 49,180 square meters.
The company said complications with the completion of the project are caused by the delay of the first tranche of a $34.4 million credit from the European Bank for Reconstruction and Development. Along with this, the company is in talks with banking consortiums and possible partners on the issue of financing the completion of the project.
The company also said it is continuing the construction of the Bela Logistics Park logistics complex near Odesa, but decided to divide it into several stages. Aisi is in talks with Marfin Bank on considering the terms for the allocation of funds for the construction of the complex within a $65 million credit.
According to the statement, Aisi Realty Public Limited postponed the construction of two residential complexes in Kyiv until the situation with demand on the market clarifies.
"Aisi reoriented the strategy of its growth in severe market and economic conditions. We have no debts and make every effort to complete the first commercial project in the third quarter. The project is expected to generate revenues in the first quarter of 2010," the statement reads citing Aisi Director Beso Sikharulidze.
