The Georgian Co-Investment Fund (GCF), a $6bn private equity fund based in Georgia, and Georgian construction company Axis have announced plans to build the tallest twin skyscrapers in Tbilisi – a project stalled by the 2008 war with Russia.
Owned 50-50 by the two entities, Axis Towers will be 147m tall, with 41 storeys each (four underground), housing high-level residential, office, commercial and entertainment areas as well as a 5-star Pullman hotel. The total area of the towers is 94,000 sq m.
GCF chief executive George Bachiashvili said the scheme, representing an investment of $83m, had been stalled for seven years before GCF and Axis got involved a number of months ago.
“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,” Bachiashvili said. “It will set a new standard in real estate not only for Georgia but for the wider Caucasus’ real estate market.”
Prime Minister of Georgia, Mr. Irakli Garibashvili said: “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.”
One of the towers will be glazed with dark glass while the other features white stone cladding.
The glass tower will house a 5-star hotel by Pullman, the French brand of the ACCOR Group targeted at cosmopolitan travelers and business tourism.