TMM and XXI Century announce investment plans

TMM Real Estate Development (TR61 GR: BUY) and XXI Century (XXIC LN: U/R) announced investment plans during a conference call hosted by Concorde Capital on Friday. According to TMM General Director Mykola Tolmachov, TMM plans to invest USD ~250 mln on its projects by June 2009. According to XXIC CEO Lev Parzkhaladze, it plans to spend USD ~100 mln to develop its projects in the next year. Alexander Romanov: While TMM’s CapEx program (with its portfolio mostly comprised of hi-end residential properties) is on track with its previously announced construction schedule, XXI Century, under the current tight capital market conditions, has had to review the construction schedule for its vast 6 mln m2 portfolio and reduce its CapEx program substantially from USD 600 mln planned for 2008 to just USD 100 mln for 2008-09.