XXI Century Development Group (Kyiv) has invested more than $3 million of own funds in the preparation of a land for the implementation of the project of the Vyrlytsia multifunctional complex in Bazhana Avenue in Kyiv, reads an annual report of the developer released on the London Stock Exchange.
“The group has invested more than $3 million of own funds in the development of a land plot and is pleased to announce the completion of the first phase of work,” reads a statement.
XXI Century also reported the cost of the Vyrlytsia project grew to $98.1 million as of December 31, 2012 from $93.5 million (as of December 31, 2011) mainly due to attracting the Auchan and Leroy Merlin international retailers, which will be the main investors and the “anchor” tenants in the trade and entertainment center in the multifunctional complex.
The Vyrlytsia multifunctional complex project will include a Kvadrat trade and entertainment center, an office and exhibition complex, a hotel, a concert hall, underground and surface parking lots, and a park. According to the approved concept, the Kvadrat trade center will be included in the first stage of the construction of the Vyrlytsia complex.
According to the terms of the project realization mentioned in the group report, the retail component of the project is to be completed in the third quarter of 2015.
