XXI Century Investments exits Kharkiv joint ventures

Ukrainian property company XXI Century Investments has sold its share in the Kharkiv joint venture company Starmac Limited to its partner Rodnex Investments and its share in Econom Plus to local developer Melon Real Estate, for a total consideration of $5 mln (EUR 3.6 mln).

In a press release, XXI Century said the exit was part of its strategy to conserve cash, minimise expenses and focus on core projects in retail and high-end residential developments. The disposal of its interests in the Kharkiv joint venture companies will reduce the company's operating expenses. Profits generated to date by these companies have been minimal and insignificant, XXI Century said.