Silk Road Real Estate Successfully Floats $20 Million Bonds, Marking a Milestone Achievement
Silk Road Real Estate, a real estate management company under the Silk Road Group, has successfully issued the first tranche of USD 40 million bonds, with the first tranche of USD 20 million sold on the stock exchange. The bond issue marks a milestone achievement for the company and demonstrates its continuous success in recent years.
The joint placement of Galt & Taggart, TBC Capital, Silk Bank, and Silk Road Real Estate supported the bond issue, which boasts an annual interest rate of 9.00%. The funds raised from the bond issue will be used to cover existing liabilities, with a second issue of USD 20 million planned for the same year.
With the issuance of the bonds, Silk Road Real Estate will be registered on the Georgian Stock Exchange, a testament to the company's growth potential and reputation among international and local investors.
Silk Road Real Estate is a company that combines two areas: Silk Development for the development of new real estate projects and Silk Hospitality for the management of completed facilities. The company owns and successfully manages Radisson brand hotels in Tbilisi, Batumi, and Tsinandali, as well as Park Hotel in Tsinandali, a multifunctional complex "Republica" in Tbilisi, and various entertainment and conference spaces. The total value of assets owned by the company is estimated to be more than 900 million GEL.
Giorgi Ramishvili, the founder of the Silk Road Group and Chairman of the Supervisory Board, attributed the success of the bond issue to the joint efforts of all employees of Silk Road Real Estate. The company's highly efficient and motivated team includes the development of real estate projects and the hospitality and entertainment industries. The company also works closely with reputable international and independent board members to achieve common goals.
The success of the bond issue is a significant moment for Silk Road Real Estate and the Georgian business community. It is an indication of the enormous growth potential created by Georgia and leading companies like Silk Road Real Estate. Mamuka Shurghaia, the executive director of Silk Road Real Estate, expressed his gratitude to the team and everyone involved in the process, as well as their partners, the Partnership Fund, TBC Bank, and the Bank of Georgia.
In conclusion, the successful placement of the first tranche of USD 20 million bonds by Silk Road Real Estate is a significant milestone achievement for the company and the Georgian business community. The joint placement of Galt & Taggart, TBC Capital, Silk Bank, and Silk Road Real Estate demonstrates the power of collaboration and the potential for growth in the Georgian market.