XXI Century Investments, the Ukrainian property investment and development company, has announced it is to sell its logistics portfolio to a 'major European developer'.
XXI Century Investments, the Ukrainian property investment and development company, has announced it is to sell its logistics portfolio to a 'major European developer'.
In a statement on Wednesday, London-listed XXI Century said it has signed non-binding heads of terms with the unnamed buyer to divest the assets at close to their net asset value (NAV). XXI Century said the sale was the result of an earlier decision to focus on developing the company's core segments and to improve liquidity'.
The finalisation of the transaction is subject to a satisfactory due diligence appraisal.
Logistics accounted for 9% of XXI Century's total portfolio which was valued at $2.03bn (now EUR 1.36bn) at end-December 2007. Residential schemes accounted for 36% of the portfolio, offices 25% and retail 24%. Hotels made up 6% of the company's property assets by value.
