XXI Century Receives Construction Permit for Vyrlytsya Development

XXI Century Investments (XXIC LN: N/R) received permission to commence construction work on a mixed-use development with approximately 993 000 m2 in total area. The site is located on Prospekt Bazhana, the principal roadway connecting Kyiv’s downtown and Boryspil International Airport, near Vyrlytsya lake. The project is expected to include a shopping center with approximately 76 000 m2, a business center with approximately 230 000 m2 of leasable area, a 3-star hotel with approximately 300 rooms and a residential complex with approximately 206 000 m2 of living space. Transport links are already in place, with two subway stations lying adjacent to the site. Groundbreaking is planned for December 2007 and estimated completion is scheduled for 2012. The project is valued at USD 298.8 mln and is the company’s largest portfolio asset.