In Tbilisi, the company owning Laguna Vere and the former Silk Factory, Neo City Development, has been sold. Former MP Marika Verulashvili previously owned the assets. According to the filing submitted to the Business Registry today, DMG Group will become the new owner of Neo City Development.
DMG Group’s controlling stake belongs to Kakhi Zhordania, the son of businesswoman Maka Asatiani, owner of Mercedes-Benz dealer “Aka” and the controlling shareholder of Black Sea Petroleum’s oil refinery project in Kulevi.
Under the purchase agreement, DMG Group will acquire Neo City Development for $64 million, which includes assuming the company’s debt obligations: a $21 million loan and a $20.4 million loan.
With this transaction, DMG Group becomes the owner of Laguna Vere and the former Silk Factory. Notably, the company already owns the adjacent land plot on Kostava Street, where it is developing a five-star Hilton hotel.
It is still unknown whether DMG Group will continue Neo City Development’s original plan to build two skyscrapers - 40 and 52 stories - on Heroes Square. That project carried an estimated investment value of at least $200 million and has not yet received a construction permit from the Tbilisi Architecture Service.
Laguna Vere and the former Silk Factory were owned by Bidzina Ivanishvili’s Cartu Foundation until September 2025. Afterward, ownership transferred to Neo City Development, which is now selling the properties to DMG Group.
