XXI Century Acquires Land For New Kyiv Office Center

XXI Century (XXIC LN), one of Ukraine’s largest real estate developers, signed a 10-year lease agreement for a 0.23 hectacre site in the center of Kyiv with the local authorities, where it plans to construct a 25,000 sqm office center.  The company plans to start construction in 2Q08 and open the complex at the end of 2009. The office center will have over 21,000 sqm of leasable space and will cost roughly USD 37.5 mln to build. At the end of February, XXI Century acquired land in Kyiv and Odesa with a total area of 78 hectares and plans to build up to 190 ths sq.m. of warehousing property there. The company plans to invest USD 207 mln into the construction of two Kyiv-based warehouses, 70 ths sq. m. each, and another USD 74 mln will be spent for the construction of a 50 ths sq.m. warehouse in Odesa. Construction on these projects is scheduled to start this summer and be completed in 2009.