"Galleria Tbilisi", one of the capital’s largest shopping centers owned by the Co-Investment Fund of Bidzina Ivanishvili, reported a revenue of GEL 39.96 million in 2024, an increase of GEL 1.7 million compared to the previous year. The company’s net profit also rose to GEL 6.58 million, up by about GEL 1 million from 2023.
According to the financial report, the total assets of "Galleria Tbilisi" stood at GEL 178.9 million at the end of 2024, about GEL 8.4 million less than in 2023, while liabilities grew from GEL 148.9 million to GEL 160.9 million. Operating profit reached GEL 19.5 million, slightly down from GEL 21.6 million a year earlier. The main fixed expenses included GEL 6.1 million in depreciation and amortization and GEL 12.9 million in financial costs.
The shopping center continues to maintain a high occupancy rate, with nearly all 25,000 square meters of commercial space fully leased. According to the report, the management has also decided to repurpose the adjacent Radius Hotel into office spaces for rent.
"Galleria Tbilisi" is fully owned by Galleria Holding, a subsidiary of GCF Luxemburg. The ultimate beneficial owner of the company is Ekaterine Khvedelidze.
