Business news from Ukraine

SPDI DEVELOPER SELLING LOGISTICS TERMINAL IN BROVARY FOR $16 MLN

13 June , 2016  

KYIV. June 13 (Interfax-Ukraine) – Secure Property Development & Investment Plc (SPDI, earlier Aisi Realty Public Limited, Cyprus) seeks to sell Terminal Brovary logistics complex (Kyiv region) for $16 million.

“SPDI is pleased to announce that it has signed heads of terms with Temania Enterprises Ltd. for the sale of its Kiev based warehouse, Terminal Brovary, at a Gross Asset Value exceeding $16 million,” the company said on the website of the London Stock Exchange (LSE) on Thursday.

According to the report, SPDI has also signed a fixed four-year lease agreement with a subsidiary of the buyer raising the warehouse occupancy rate to 100%, thus generating around $150,000 of Net Operating Income (NOI) per month until the sale is concluded.

“The rent attributed to the buyer received prior to the disposal will be deducted from the purchase price, if such disposal is concluded by the end of October 2016,” the company said.

The sale of Terminal Brovary is subject to a number of conditions, including reaching agreement on terms with the lending bank (the European Bank for Reconstruction and Development, EBRD) with regards to the related debt attached to Terminal Brovary, which may take some time to be effected.

According to a posting on the company’s website, construction of class A warehouse Terminal Brovary was finished in Q2 2010. Its gross area is 48,900 square meters. It is located 10 km away from Kyiv city border and 15 km away from the Boryspil international airport.

As of June 9, 2016, 72% of space in the warehouse has been leased.