The former building of the Kutaisi Press House was sold at an auction for GEL 3.14 million. Within the framework of "100 Investment Offers For Your Business", the National State Property Agency initially sold the property for GEL 3.2 million, but then lowered the price to GEL 1.6 million. High competition was observed during the auction - after 154 bids the property was purchased by Mikheil Chubinidze for GEL 3.14 million.
Chubinidze is a shareholder of several companies, including "Lion Developer". Land plot of2845.00 sq.m. with two buildings, located in Kutaisi, Rustaveli Avenue N37a is transferred to his ownership.
In the investment offer, the profile of the building is indicated as a hotel, however, the new owner has not been given any kind of obligations in parallel with the purchase of the property.
