Georgian Co-Investment Fund (“GCF”) a US$6B private equity fund with the mandate of providing investors with unique access to opportunities in Georgia’s fastest growing industries and sectors, has acquired “Galleria Tbilisi”, a new shopping centre development site located on Tbilisi’s prime high street, Rustaveli Avenue, from “Doryphore Investment B.V”. The total investment size of the project is US$70 M.
The existing commercial property will be redeveloped to accommodate a modern shopping centre with a total retail space of 22,000 m², underground car park area with capacity of 300 parking spaces, extensive public transportation and pedestrian access points.
“Galleria Tbilisi” will enable international retail brands to establish a presence in one of the city’s most exclusive shopping districts and further assist with providing the necessary infrastructure and facilities to accommodate the growing number of tourists coming to the country.
In addition, Tbilisi’s two renowned theaters “Liberty Theater” and “A. Griboedov Russian Drama Theater” will be integrated within the mall structure, making the centre even more appealing destination for its visitors.
The design of the project was managed by leading Israeli architect firm, “Moshe Zur Architects”, which has been involved in a range of developments in European capital cities. Construction is expected to commence in summer 2015 and be completed by the end of summer 2017, with the shopping mall set to formally open in the third quarter of that year.
Mr. George Bachiashvili, the CEO of GCF said: “This is an important investment for the hospitality and real estate sector in Georgia which will contribute greatly to boosting the country’s commercial real estate market, stimulating its economy by attracting FDIs and creating a range of new local jobs for hundreds of people. US$70 M investment project “Galleria Tbilisi” will incorporate a world class shopping centre which will help Tbilisi on its way to becoming one of Europe’s most vibrant cities.”
For further information please contact:
Head of Public Relations, Georgian Co-Investment Fund
Tel: +995 32 2470004 (151)