XXI Century Investments, the Ukrainian real estate investment, development and property management company, has forecast that its net asset value (NAV) will come to $1.4 bn (just over EUR 1 bn) for the first six months of 2007. The figure is based on an estimated fair value of EUR 1.1 bn for all the assets in its portfolio, minus EUR 73 mln in debt, giving a NAV which is almost 170% greater than the NAV of EUR 382 mln recorded last year.
XXI Century Investments, the Ukrainian real estate investment, development and property management company, has forecast that its net asset value (NAV) will come to $1.4 bn (just over EUR 1 bn) for the first six months of 2007. The figure is based on an estimated fair value of EUR 1.1 bn for all the assets in its portfolio, minus EUR 73 mln in debt, giving a NAV which is almost 170% greater than the NAV of EUR 382 mln recorded last year.
The assessment comes ahead of the results of an appraisal by Jones Lang LaSalle of the portfolio of assets and projects that is expected to be released in the second week of September, followed later in the month by XXI Century Investments' first-half interim results.
XXI Century said about 75% of the expected growth comes from the increase in value of the 25 assets and projects in Kiev, Lviv, Odessa and Poltava, which made up the company's portfolio at the end of 2006. The majority of these assets have moved through various stages in the development cycle, bringing them closer to commencement of construction, while others, like Kvadrat Perova, Parus and Capitoliy are nearing end of construction. The company's share of the estimated fair value of these projects is approximately EUR 910 mln. The remaining 25% NAV growth is expected from the addition of nine new assets and projects acquired during the first six months of 2007 for which the company has initiated development. The assets involve retail, office, logistics and residential projects in Kiev, Crimea, Donetsk and Sumy. The company's share of the estimated fair value of these projects is about EUR 176 mln.