Turkish-Owned Maqro Property acquires Rike Jugs for Redevelopment. In a significant real estate transaction, Maqro Property, a company founded in April 2025 and owned by Maqro Construction—a subsidiary of Maqo Holding, which is controlled by Turkish businessman Emin Uchar—has acquired the company Rike Dom. Prior to the deal, Rike Dom was owned by N.G.B., a company fully owned by Georgian businessman Tornike Kopaliani.
Background of the Deal
In April 2025, "Rike Dom" purchased the controversial Rike Jugs from Global Victory Trust, a company owned by businessman Davit Khidasheli. Now, Rike Dom itself has been sold to Maqro Property in a two-tiered transaction involving both cash and future payments.
According to the terms of the agreement:
- Maqro Property paid $2.84 million to Tornike Kopaliani for 100% ownership of Rike Dom.
- It also committed to paying 10.8 million GEL to Global Victory Trust as part of the previous acquisition of the Rike Jugs.
As a result:
- Davit Khidasheli will receive GEL 10.8 million.
- Tornike Kopaliani will receive USD 2.84 million.
Redevelopment Plans
The transaction includes the possibility of dismantling the existing structure, as permitted by a May 6, 2025 Georgian government decree. Under the new terms, the site—spanning 14,591 square meters—can be redeveloped into a hotel.
This follows a May 21 statement by Prime Minister Irakli Kobakhidze, who referred to the existing Rike Jugs structure as "unsuitable for the city" and "an eyesore."
A Costly and Controversial Legacy
The Rike Jugs project was originally conceived as a concert hall and exhibition center, designed by renowned Italian architect Massimiliano Fuksas. Construction began in 2011, and the project cost the state budget 75 million GEL, though it was never fully completed or operational.
The new ownership and forthcoming redevelopment are expected to mark a fresh chapter for the high-profile, long-disputed site.
