Secure Property Development & Investment Limited, formerly Aisi Realty Public Limited, a South Eastern European-focused property and investment company, announces that it has secured circa 150,000 ft² (approx. 13,935 m²) of lettings at its main operating asset, Terminal Brovary Logistics Park in Kiev. The lettings bring occupancy to over 70% compared with 20% in August 2011, when a new internal team took over the management of the company.
Terminal Brovary Logistics Park.
Sumatra Ltd, a leading retailer of drugs, perfumes and cosmetics, and affiliate of Sigma Bleyzer Inc., a US-based private equity fund, has signed circa 105,000 ft² (approx. 9,755 m²) of space on a six-year lease. Meanwhile, two existing tenants, international logistics contractors Rhenus Revival and FM Logistic, have taken a total of circa 45,000 ft² (4,180 m²) of additional space at the Park.
The lettings are in line with the company's plans to improve capital returns at Terminal Brovary. Since the introduction of the new internal management in August 2011, occupancy at the Park has increased by 250% and the Park is now cash flow positive. The lettings also build on a number of successful initiatives which have been implemented as part of a wider strategy to turn the business around, improve the company's financial strength, and reposition it for future growth.
Situated in the Ukrainian capital of Kiev, Terminal Brovary comprises circa 525,000 ft² of class-A warehouse and associated office space and is well-located, adjacent to the junction of the main Kiev Moscow highway and the Borispil road.
Lambros Anagnostopoulos, Chief Executive Officer of Secure Property, commented: "These lettings mark a significant step in our plans to improve capital returns at Terminal Brovary. In addition, they clearly demonstrate the progress we are making in our strategy to turn the company around, which is underpinned by an initial focus on increasing income and creating value from the company's existing assets.
"We are pleased to have secured Sumatra Ltd as a tenant and believe that the decision by two of our existing occupiers to expand their presence at the Park, is testament to both the excellent credentials of Terminal Brovary and of our own asset management skills."
Source: FTI Consulting