OREANDA-NEWS. On 19 March 2008 XXI Century Investments Public Limited, one of Ukraine's leading real estate investment, development and property management companies, announced the start of construction works at its mixed use project site in Sevastopol.

The construction will begin with ground works, site levelling and establishment of the site's transportation scheme and temporary infrastructure. The works will be carried out by Crimean construction company, Oksi Yug Stroy.

The Sevastopol mixed use complex will cover a total area of approximately 91,000 sq m, comprising the Kvadrat shopping centre (45,000 sq m) and a residential complex (46,000 sq m). The property is located in a prestigious area of Sevastopol which is densely populated and has excellent transport links. The population of Sevastopol is approximately 360 000 people.

The Kvadrat shopping centre is expected to become the largest retail project in southern Ukraine and will include a food hypermarket, a household electronics store, a cinema with several screens, an ice-skating rink, a bowling alley, a children's entertainment centre, a food court and a shopping arcade with approximately 100 shops.

The Company has already commenced negotiations with potential anchor tenants, including operators of major hypermarket chains and multiplex cinema chains, as well as operators of well-known high street stores selling home appliances, clothing, shoes and sports goods. Currently approximately 15% of the shopping centre is pre-let.

Completion is scheduled for 2009 for Kvadrat shopping center and 2010 for the residential project. As at 31 December, 2007 the project was valued by Jones Lang LaSalle at US\\$37.8 million.