The owner of “City Mall,” IG Development, plans to issue another volume of public corporate bonds late this year, amounting to USD 60 million.
According to the company’s CFO, Lasha Kakhashvili, this transaction will be IG Development’s first green bond offering. He noted that for a growing company, accessing the capital market and raising funds through bonds is an important step.
“IG Development has been active in the bond market since 2022. So far, we have completed five bond placements, and in December we plan one of our largest transactions yet, worth $60 million. This will be our first green bond offering,” said Kakhashvili.
He also pointed out that bonds are the most suitable instrument for the company at this stage, as it is expanding its shopping centers in Gldani and Saburtalo, with plans to nearly double its total leasable space.
As for challenges, IG Development representatives explained that the main obstacle for issuers in Georgia remains the limited number of investors.
“One of the biggest challenges, as with all issuers in Georgia, is the limited number of investos. We started working on obtaining a green certificate precisely to broaden this number and attract new long-term investors, including individuals, institutional investors, and international banks, so that they also become involved in financing,” Kakhashvili added.
