OREANDA-NEWS. XXI Century Investments Public Limited, one of Ukraine's leading real estate investment, development and property management companies, on October 22 announced that it had received an approval of a project documentation for the Kvadrat-Myloslavska shopping centre in Kievv, with the City Committee for Architecture and Urban Development having accepted all of the architectural plans for the project without any alterations. According to its press department, the Company is on track with the development of the Kvadrat-Myloslavska project, with construction scheduled to start in the first quarter of 2008. According to data disclosed, finishing of the project is expected in late 2009.

The Company will now send the project documentation for state examination in order for them to approve engineering and technical matters, which is a prerequisite to the beginning of construction. Once completed, Kvadrat-Myloslavska is expected to be the second hypermarket-gallery style shopping centre completed by XXI Century Investments in Kyiv. The total area of the shopping centre is expected to amount to approximately 54 000 sq. m., with GLA of approximately 34 500 sq. m. In addition, it is planned that the complex will include multi-level parking lot for 1450 cars.

The commercial concept of the Kvadrat-Myloslavska shopping centre was developed by Colliers International. The two-storey shopping centre is expected to include a 10 000 sq. m. hypermarket, a gallery of more than 120 shops and approximately 9 500 sq. m. of entertainment facilities.

The company is in its advanced stages of negotiation with potential anchor tenants who are interested in leasing space in hypermarket-gallery style modern shopping centres across the country. These negotiations involve an international hypermarket chain, operators of cinema theatres and bowling clubs, home electronics supermarkets, large-scale goods for children stores, food operators and other potential tenants, all of which are major nation-wide chains.

This week two additional projects were also approved in Crimea, a popular resort area in the South of Ukraine. Sevastopol's mixed-use project is expected to consist of a 45 000 sq. m. Kvadrat shopping centre and a residential complex with a total area of 46 000 sq. m. The property is located in a densely populated, prestigious district of the largest city in Crimea and will enjoy excellent visibility and convenient transport accessibility. The project schedule is on track with construction.

Kvadrat-Simferopol shopping centre is planned to be another hypermarket gallery-style modern facility with a total area of 62 000 sq. m. and GLA of approximately 52 000 sq. m. The project is located in the northern part of the city, on a major highway and has good visibility and accessibility as concerns the public transport.