XXI Century Announces Acquisition of Two New Projects

In a press release yesterday, XXI Century Investments (XXIC LN: N/R) said that it had acquired a new mixed-use development in Cherkasy and a logistics center in Crimea. The Cherkasy (Central Ukraine, population of 300 ths) complex includes a shopping center (Kvadrat-Cherkasy with an expected floor space of 53 ths m2 and commercial space of 37 ths m2) and a residential section (total area of 60 ths m2). Construction is scheduled to commence in 4Q08, with opening planned for 2010. The Crimean project involves building a logistics and warehouse center on a 19.9 ha land plot in the peninsula’s capital of Sevastopol. The site is expected to have about 100 ths m2 area; construction is slated to begin in 1Q09 and finish in 2010.