XXI Century announces sale of four projects
4 June 2009
Developer XXI Century (XXIC LN) announced this morning in a press release the sale of its stakes in four projects. The company plans to use the proceeds to finance land lease payments and maintain operational liquidity; it reported having received proceeds already. XXI Century sold its 51% stake in Sevastopol serviced apartments for about USD 1 mln, its remaining 17.4 ha of its suburban residential project Lisynky in Kyiv for USD 5.1 mln, its 80% stake in a Boryspil mixed-use project for USD 0.7 mln, and 100% of its Kvadrat Donetsk-Mira shopping center for about USD 2.3 mln. XXI Century said it is continuing to negotiate the sale of selected non-core assets.
