Business
Posted: 5 days ago

Industrial City Wins Tbilisi City Hall auction for implementing Radio City project

Industrial City has won the Tbilisi City Hall auction for implementing Radio City project.

LLC Industrial City was registered on June 19, 2019. The 100% stake of the company is owned by LLC City Loft and its director is Valeri Chekheria.

Businessman Temur Ugulava is founder of City Loft and 100% stakeholder in Adjara Group. At the same time, City Loft owns several major assets of Adjara Group, including Stamba hotel and other facilities.

“I announced this project in my pre-election campaign too. We plan to develop a project here for Gldani, Mukhiani, Temqa, as a new center of attraction. We put out the territory of former Radio City for auction and Industrial City has won the tender. This specific location was sold for 23 million GEL. We have developed a concept for arranging food outlets, trade centers, night clubs, multifunctional spaces, fitness zones, swimming pools, movie theaters, recreation spaces, entertainment centers, mini children city, Museum of Science, culinary space and so on. This is a very interesting project”, Tbilisi Mayor Kakha Kaladze noted.

“This Group owns various important and interesting facilities in the capital city such as Rooms hotel, Stab hotel, Fabrika and so on. I believe we will implement a very good project”, Kaladze said.

The starting privatization resource of Radio City was 22 978 492 GEL. The winner is obliged to invest 8 million USD in 4 years.