XXI Century acquired a 75% stake in an office project on Brovarsky Prospekt in Kyiv from a local developer for US $3.42 million.

The office centre will be constructed on a 1.569 Ha site, which is leased from Kyiv City Council for 10 years until December 2016 and is zoned for an office complex with parking.

The office center will be located in close proximity to the Darnytsia metro station, on Brovarsky Prospekt, a major highway connecting the city of Brovary and Kyiv’s left bank with the downtown centre.

The planned total area of the complex is 100,000 square metres, which will include 58,000 sq. m. of Class B+ office facilities and 600 parking spaces.

Construction of the project is planned to begin in the second quarter of 2008 and the completion is scheduled in the fourth quarter of 2010.

The estimated total cost of this project is appr. US$99 million. The forecast annual net operating income at full capacity is US$18.5 million.

“XXI Century continues its strategy of expanding its portfolio of quality projects, both in Kyiv and in the country’s regional centers. With this acquisition, we added another quality project with excellent visibility and transportation access to our portfolio,” says CEO and Member of the XXI Century Board Nikolay Yerzhakhovsky.

The source: XXI Century