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28 March 2008

Asters advised EBRD on USD 139.3 million financing to Expert Capital S.A. to finance commercial real estate construction projects in Ukraine

Asters acted as a Ukrainian legal counsel to the European Bank for the Reconstruction and Development in connection with a USD 139.3 million secured loan facility provided to three Ukrainian subsidiaries of Panorama Group Ltd., a Ukrainian holding company wholly owned by Expert Capital S.A., a leading Luxemburg’s development company. The relevant loan agreement was signed on 27 March 2008.

The borrowed funds will be used to finance the design, development, construction, ownership and operation of the shopping centre in Kyiv, the hypermarket, shopping and entertaining centre in Kryvyi Rig and the administrative building with the complex of technical service, camping and shopping centre in Simferopol. The Russian hypermarket retail chain O-Key will be the primary lessee of these objects. It is anticipated that construction of three modern shopping centers will help solving the problem of insufficiency of modern retail space in Ukraine.

The transaction was handled by the Asters’ banking and finance team which was led by partners Armen Khachaturyan and Iryna Pokanay and included associate Gabriel Aslanian. Real estate aspects of the project were covered by senior associate Roman Kostenko and associate Pavlo Oliynyk.

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