The owner of City Mall has purchased over 9,200 square meters of land area and buildings, located on Chavchavadze Avenue in Tbilisi for 35,778,188 GEL.
As BM.GE has learned, the winner of the conditional electronic auction announced by the National Agency is LLC City Development. According to the document, 100% share belongs to LLC IG Development Georgia, the company that owns City Mall.
The company was the only bidder at the auction, that managed to buy the property for one bid and paid only GEL 5,000 more compared to the initial price. The starting price was GEL 3 million. The company must pay this amount within 1 year from the date of signing the relevant agreement.
However, he must pay an additional 32,773,188 GEL to the budget, which increases the total cost to 35,778,188 GEL.
Under the terms of the auction, the company is obligated to invest USD 20 million after the property agency vacates the building.
