31.Mar .2023 15:00

How Much Revenue Did Galleria Tbilisi Receive In 2021?

How Much Revenue Did Galleria Tbilisi Receive In 2021?
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Galleria Tbilisi Group, founded by Bidzina Ivanishvili's Co-Investment Fund, has published its consolidated financial statements for 2021.

According to the profit and loss report, the total revenue of the shopping mall amounted to GEL 27.4 million in 2021. The operating profit of the shopping mall was GEL 7.9 million, while the annual profit stood at GEL 19.1 million. Such profit rate was due to financial income, which amounted to GEL 11.2 million.

"Galeria Tbilisi" includes the following facilities:

1) Shopping Mall Galleria Tbilisi
2) Hotel Radius Tbilisi managed by LLC "Galeria Hotel Management"
3) Office 1, which is fully hired by LLC "Arvato Ceerem Sakartvelo" since May 2019. The area of Office 1 is approximately 2,524 sq.m
4) Office 2, which is fully leased from April 2022. The area of office 2 is approximately 2,561 sq.m.

The shopping center "Galleria Tbilisi" built on Rustaveli Avenue in Tbilisi was opened by Bidzina Ivanishvili’s Co-investment Fund in November 2017.

The Co-Investment Fund began construction of 25,000 square m multifunctional shopping mall in 2015; The total investment in amounts to 97 million USD.

The parent company of the mall is GCF LP - Limited Partnership, registered offshore in the Cayman Islands. Its founder is Bidzina Ivanishvili.