XXI Century to Invest USD 2 bln in Projects Development

According to Interfax, the company’s director of real estate development Georgiy Tsagareishvili announced that XXI Century (XXIC LN: BUY) plans to invest USD 2 bln over the next two years. He noted that the funds will be received from housing sales and an SPO on WSE scheduled for February 2008, as well as from borrowing using Eurobonds and loans. Alexander Romanov: According to the schedule previously announced by the company we estimate it has to spend approximately USD 3.5 bln during 2008-2009. This amount is relatively large for Ukrainian developers, causing the completion schedule to depend on stated financing plans. At the same time, the value of the company’s equity is protected from financing risk as the majority of external financing is planned to come in the form of debt.