RNS Number : 1280I
XXI Century Investments Public Ltd
05 March 2010
5 March 2010
XXI Century Investments Public Limited
("XXI Century" or the "Company")
Sale of Projects
XXI Century (AIM: XXIC), one of Ukraine's leading real estate investment, development and property management companies, is pleased to announce that the Company has entered into an agreement to sell its interest in three non-core projects (the "Projects") for a total consideration of US$2.0 million (the "Consideration") to a local developer. US$1.0 million of the Consideration was received in March 2010 and the remaining US$1.0 million is due to be received by the end of May 2010.
The Projects consist of the Odesa logistics complex, the Vasylkiv logistics complex and the Kvadrat-Donetsk Leninskiy property.
The sale of the Projects, and particularly the logistics properties, reflects the Company's decision, announced last year, to exit the logistics business and focus on its key strengths of developing retail space and high end residential properties, primarily in Kyiv. The sale price achieved compares favourably to the discount to NAV reflected in the Company's current market capitalisation.
The Company intends to use the proceeds to maintain its operational liquidity.
There will be a conference call for investors and analysts at 1:00pm UK time / 3:00pm Kyiv time on Thursday, 11 March 2010.
To access the call, please dial:
· Number: +44 (0)20 7138 0840
· Access code: 4896518
Enquiries:
XXI Century Investments +380 44 2000 457
Tatyana Yarmolitskaya, Director of Corporate Finance ir@21.com.ua
and Investor Relations
Dimitri Vasylev, Director of Marketing and Public
Relations
Strand Hanson Limited +44 (0) 207 409 3494
Stuart Faulkner / James Spinney www.strandhanson.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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