GC FUND

AXIS and Georgian Co-Investment Fund to build AXIS TOWERS, the tallest skyscrapers in Tbilisi

20 October, 2015
News Title

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, 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.

The General Director of AXIS, Mr. Giorgi Kapanadze commented: “AXIS TOWERS is an unprecedented project in terms of its scale and functionality. This is a multi-functional complex which includes five directions of development as the skyscrapers will house high-level residential, office, commercial and entertainment areas as well as a 5-star Pullman hotel. AXIS continues to play an important role in advancing Georgia’s industrial development and we are especially proud that AXIS TOWERS will be the new landmark of Tbilisi. The project was renewed in cooperation with the Georgian Co-Investment Fund and is progressing actively. I am pleased to announce that residential areas at AXIS TOWERS go on sale today."

THE CEO of GCF, Mr. George Bachiashvili commented: "The AXIS TOWERS project is fully in accordance with the mission that the Georgian Co-Investment Fund seeks to fulfill. By implementing this project with AXIS we are investing US$83 M in Georgia’s economy. At the same time, we are supporting the further development of an already successful Georgian company, AXIS.  We are also utilising the expertise of the international industrial leaders through our work on this project and creating a range of new local jobs.

We are glad that the Georgian Co-Investment Fund played a crucial role in making this project happen:  with ours and AXIS’ efforts several months ago, we were able to renew a project that had stalled for 7 years. Now, the project is expected to be completed in 2017.

We are confident that AXIS TOWERS will be an outstanding project in terms of its architecture, scale and quality of construction, incorporating best global industry practices. It will set a new standard in real estate not only for Georgia but for the wider Caucasus’ real estate market."

The Prime Minister of Georgia, Mr. Irakli Garibashvili said: "The development of the hospitality and real estate sectors is a very important element in ensuring Georgia’s continued economic growth. The public had a chance to get acquainted with the impressive AXIS TOWERS project today, and this will play an important role in this development. I would like to mention with pride that this is another interesting and exceptional Georgian project which represents a new statement in modern Georgian architecture. My compliments go to AXIS for the role it plays in developing the construction industry in Georgia. This company is always outstanding with its innovative, quality solutions. I would also like to emphasize the GCF’s continuing role in supporting Georgian businesses. GCF’s involvement made it possible to restart the project in 2015 and as a result of AXIS and GCF’s successful partnership, Tbilisi will acquire a unique multi-functional complex in 2017, which will attract FDIs, create additional revenue for the central budget, support the development of business tourism and create jobs for hundreds of people.”

AXIS TOWERS official website: www.axistowers.ge

For further information please contact:

Tinatin Odilavadze
Head of Public Relations, Georgian Co-Investment Fund
T: +995322470004
E: pr@gcfund.ge