Aisi to complete Terminal Brovary project in 3Q09

Aisi Realty (AISI LN) announced yesterday in a trading update that it planned to complete its Terminal Brovary project, a 49 ths m2 warehouse outside of Kyiv, in 3Q09. The project has been preleased for 10 years. The developer said it ran into snags with delays in distribution of the first tranche of a USD 34.4 mln debt facility approved by the European Bank for Reconstruction and Development in January, and is currently working with potential syndicate banks and possible JV partners to resolve the funding bottleneck. Aisi also said its updated portfolio valuation, conducted by DTZ, put its total property portfolio at USD 64.9 mln as of Dec. 31, 2008, vs. USD 89.9 mln as of June 30, 2008. The company also mentioned it has no debt on its balance sheet. Aisi announced that it plans to release its audited 2008 financial results in mid-June 2009.