Executive Summary
Aisi Realty Public Limited was established in June 2005 to make investments in the real estate market in Ukraine. The Company was set up with the intention of providing attractive returns, principally from capital appreciation through investment in real estate development projects and related investments, principally in and around the major population centres of Ukraine, with a particular focus on the capital city, Kiev. Since inception, the Company has raised over US$67 million and has committed over US$30 million to the acquisition and advancement of six real estate projects. The Current Investment Portfolio comprises five projects following the sale of one of the Company's projects in May 2007. DTZ has carried out an independent valuation as at 21 May 2007 to assess the current market value of four of the investments in the Current Investment Portfolio held at that date, and provides an aggregate current market value for these investments of US$29.9 million, assuming, inter alia, 100 per cent. ownership of each investment. The Company's assets are managed by Aisi Realty Capital, LLC, a Boston based investment management company with a presence in Kiev since 2005. The principals of the Investment Manager have regional expertise and significant experience in the development of real estate in Ukraine. The Directors intend to achieve this primarily through acquiring interests in parcels of land, on a freehold or leasehold basis, for the development of residential, office or warehouse space as appropriate. Following any acquisition, the Company intends to be an active investor via the Investment Manager who will oversee development after obtaining the necessary permissions and permits. Where relevant and possible, the Directors and Investment Manager intend to make the consideration for the land purchase dependent upon the delivery of the necessary approvals for the commencement of development. Additionally, up to 20 per cent. in aggregate of the Net Asset Value from time to time may be invested in other real estate and real estate related assets where the Directors believe that such assets will generate attractive returns and be complementary to the existing portfolio. The Investment Manager will take an active role in the management of the Company's investments to create value through the development or management of the Company's investments. This includes creating operational synergies, where possible, across the Company's various investments in areas such as design, master-planning, financing, construction, and marketing.
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