GC FUND

  • Industry

    Hospitality and Real Estate

  • Status

    Ongoing

  • Total Investment Size

    US$ 83 M

  • Website

    www.axistowers.ge

Axis Towers

The Georgian Co-Investment Fund (“GCF”), a US$6B private equity fund based in Georgia, and AXIS, a leading Georgian construction company, officially announced AXIS TOWERS, a project to build the tallest twin skyscrapers in Tbilisi on Chavchavadze Avenue, at a presentation held on October 20th, 2015 at the site of the construction. The presentation was delivered by George Bachiashvili, CEO of GCF, and Giorgi Kapanadze, General Director of AXIS; Irakli Garibashvili, the Prime Minister of Georgia, also addressed the audience. Members of the Georgian government, foreign diplomats, representatives of international organisations and financial institutions, as well as senior executives of major companies operating in Georgia were amongst many attendees.

GCF and AXIS shared information on the project’s economic and technical parameters with the audience. GCF acquired 50 percent of AXIS TOWERS while the other 50 percent is held by AXIS. At 147 meters, AXIS TOWERS will be the tallest skyscrapers in the capital of Georgia. The multifunctional complex consists of two 41-storied towers (4 of which are underground). One tower is glazed with dark glass; the other features white stone cladding. The total buildable area of the towers equals 94,000 m².

The glass tower will house a 5-star Pullman hotel. Pullman is a high-end international French brand from the ACCOR Group, mainly targeted at cosmopolitan travelers and business tourism. The agreement between AXIS TOWERS and ACCOR Group was signed during the presentation. The tower will additionally feature an A-class business center with 15,000 m² of office space. Meanwhile, the stone tower will comprise of 15,000 m² of residential property, featuring apartments with impressive views of Tbilisi. The tower will be equipped with all the necessary infrastructure to create the maximum comfort for its residents.

AXIS TOWERS will offer its customers a wide range of options for recreation and entertainment. The skyscrapers will include several facilities such as: a fitness and spa center; a 25-meter long swimming pool with a sliding roof; a Sky Bar on the top of the towers with panoramic views of Tbilisi; a 1,100 m² concert hall; a shopping mall, several restaurants and cafes. AXIS TOWERS project will feature an underground car park area with capacity for 500 vehicles. As part of the project a new street connecting Chavchavadze Avenue and Abuladze Street will also be developed which will house a recreation area with a number of cafes and restaurants. This will improve pedestrian access in Tbilisi and the street will become a place where residents and tourists can gather and meet.

Since the creation of the AXIS TOWERS concept, Georgian specialists have worked in cooperation with international experts and representatives of major global brands such as the leading global engineering firm, Arup Group on every step of this project. The audience at the presentation was able to see a special documentary feature on AXIS TOWERS, which illustrated the cooperation between AXIS and other international and local partners involved in the project.