XXI Century to Develop Logistics Property in Kyiv and Odesa

XXI Century (XXIC LN), one of Ukraine’s biggest real estate developers, has acquired land plots 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 starts this summer and is planned to be completed in 2009. XXI Century will set up an internal division, which will become the logistical operator for the property. The company expects to have retail chains, multinational and domestic FMCG companies as tenants. Alexander Romanov: Warehousing property remains the least developed segment of the commercial real estate market in Ukraine. The rapid growth of retail trade puts additional upward pressure on demand for quality warehousing space. XXI Century is launching these projects in the most in demand areas – the terminal points of major goods transportation route Kyiv-Odesa.