XXI Century Signed Heads of Terms with Logistics Buyer
OREANDA-NEWS. On 13 August 2008 XXI Century Investments Public Limited (LSE: XXIC), one of Ukraine's leading real estate investment, development and property management companies, announced that it has signed non-binding heads of terms with a major European regarding the prospective sale of Company's logistics portfolio in Ukraine.
Previously, the XXI Century Board has decided to divest the Company's logistics portfolio at values close to its NAV in order to focus on developing the Company's core segments and to improve its liquidity.
The signed non-binding heads of terms set out the key commercial terms which have been agreed between the parties.
The Buyer is now in the process of conducting detailed due diligence and subject to its positive results the parties intend to finalise and execute binding transaction documents.
It is envisaged that the binding transaction documents will provide for XXI Century taking responsibility for delivery of relevant pre-development services such as planning and construction permits, as well as the fact that the binding obligations of the Buyer will not be subject to the availability of financing as a condition precedent.
A further announcement will be made at the relevant time.
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