XXI Century divests interests in four projects

Ukrainian property company XXI Century Investments has sold its stakes in four projects for a total $9.3 mln (EUR 6.5 mln). The proceeds will be used to
continue to finance land lease payments on real estate assets and to maintain the company's operational liquidity.

XXI Century has sold its 51% share in the Sevastopol serviced apartments project in Crimea to a local developer that holds the remaining 49% in the project for a total sum of $0.5 mln and UAH4 mln (approximately $0.52 mln). The company had started construction of the project in early 2008, however halted all activities in the final quarter of 2008 in view of its tight liquidity situation and the uncertainty in Ukraine's real estate market.

XXI Century has also disposed of the remaining 17.4 hectares in its suburban residential project Lisnyky in the Kiev region for a total sum of around $5.1 mln and divested its 80% stake in the Boryspil mixed-use project for a total $0.7 mln. Both projects are in the pre-development stage and have been sold to a local developer. Earlier this year, XXI Century sold the first portion (38.2 hectares) in the Lisnyky project for $5.9 mln to a different buyer.

Finally, the company has sold 100% of the shopping centre project Kvdarat Donetsk-Mira in Donetsk to a separate local developer for approximately $2.3 mln. The project is in the pre-development stage.