By KYIV. Dec 7 (Interfax-Ukraine) – Transactions of the development company Secure Property Development & Investment plc (SPDI, formerly Aisi Realty Public Limited, Cyprus) to sell part of the Ukrainian portfolio to Arcona Property Fund N.V. (Amsterdam, the Netherlands) remain on hiatus due to Russian invasion.
According to the developer on the website of the London Stock Exchange (LSE), the company will hold a general meeting of shareholders on December 30, at which it will approve the financial results report for 2021.
The report, in particular, indicates that the closing of transactions of the second stage of the agreement with the Arcona fund, previously signed in 2021, has been delayed due to the Russian invasion of Ukraine. We are talking about the sale of a land plot in Kyianivsky Lane in the historical district of Podil in Kyiv (four adjacent plots with a total area of 0.55 hectares) and a plot of 42 hectares intended for the development of the Rozhny Lane residential complex (Rozhny village, Brovary district, Kyiv region).
In addition, due to the war, the extension of the lease of a site in Tsymliansky Lane near Kontraktova Square in the capital was postponed (0.36 hectares, 55% of the site belongs to the company, the remaining 45% to a local co-investor). It is also scheduled for sale in the third phase of the agreement with Arcona.
As reported, the book value of Ukrainian SPDI assets in 2021 decreased by 14.6% compared to the previous year and amounted to EUR 3.61 million.
SPDI was founded in 2005. It invests in the real estate market of South-Eastern and Eastern Europe, including Ukraine. In the summer of 2007, Aisi Realty Public Limited made an IPO on AIM LSE, selling a 30.2% stake for $33.1 million.
Earlier, part of the company’s Ukrainian assets became part of a deal to sell part of the SPDI portfolio to Arcona Property Fund N.V. in November 2019. Among them, in particular, there are a plot in Odesa with an area of 22.4 hectares and a plot in Balabyne at the southern entrance to Zaporizhia (26.38 hectares).
