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23 January 2009

Asters Advises EBRD in the Project Supporting the Development of Logistics Infrastructure

Asters has acted as a Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with the USD 34.4 million syndicated loan facility provided to Terminal Brovary LLC, a special purpose company, a subsidiary of AISI Realty Public Limited, a London Stock Exchange listed and Cyprus registered property fund, which is focusing on the real estate development in Ukraine, with the purpose to finance the development, construction and bringing into service a logistic centre in the town of Brovary near Kyiv.

According to the EBRD's statement, with the help of the loan Terminal Brovary LLC will put into operation a 49,200 square meters class "A" logistics centre. Through the development of a large modern logistics centre, the project will address the severe shortage of adequate warehouse space in Kyiv region and in the Ukrainian property market as a whole.

Moreover, the Terminal Brovary project is to facilitate greater competition in the sector by introducing a logistics centre of a high international standard to the Kyiv market. Its modern format will bring an improvement in efficiency for the logistics sector generally, increasing the speed at which Ukraine develops a modern logistics and retail infrastructure. By delivering a significant amount of high quality logistics space to the market, the project will contribute towards achieving more competitive rental terms for potential new tenants.

Asters’ banking, finance and securities team advising on the transaction was led by partner Iryna Pokanay and included associate Gabriel Aslanian. Orrick, Herrington & Sutcliffe LLP acted as English law counsel and Mouaimis & Mouaimis as Cyprus law counsel to the EBRD.

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