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Aisi Realty, a closed-ended investment company focusing on Ukraine’s real estate market, has been valued at £54.7 million after its shares were admitted to AIM.

The company raised some £16.5 million through placing more than 50.2 million new ordinary shares at some 33p each. The IPO was managed by Aisi’s nominated adviser and broker Libertas Capital.

On admission, Aisi’s major shareholders include Landsdowne, MacArthur Foundation, Trafelet, Hansa Investeerimisfondid, Tudor, Fidelity and Woodbourne.

The proceeds will be invested in office, residential and warehouse developments in Ukraine. Its investments will be managed by Aisi Capital LLC, a Boston-based firm with a presence in Kiev. Its team will be led by director Beso Sikharulidze and Helen Maximov.

Aisi’s Ukrainian legal counsel was DLA Piper Ukraine LLC, led by partner Oleksandr Kurdydyk.

He was supported by senior associate Konstantin Gribov along with associates Natalia Levchuk and Pavlo Kazymirov. They were joined by junior associates Maxim Andrianov and Dmytro Pshenychyuk.

As well as advising on all the Ukrainian law aspects of the IPO, the team performed a due diligence review of the business.

“The project was completed comparatively quickly compared to other similar projects undertaken by Ukrainian companies due to exceptional professionalism of the advisers and the client’s management team,” Kurdydyk said.

Aisi Realty was established in 2005 to invest in real estate development projects in and around the major population centres of Ukraine, with a particular focus on Kiev.

It has so far made investments worth some £15 million in six real estate projects. Today its portfolio consists of three residential and office developments and two warehouse projects.

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