Kostava Towers, a company affiliated with Wissol Group, has purchased the former Children's Infectious Diseases Hospital, located at 14 Chikovani Street in Tbilisi, for GEL 28.2 million.
Kostava Towers is also the owner of a 33,000-square-meter plot on Kostava Street, the former headquarters of the Public Broadcasting Company, which the company acquired at a public auction in 2022 for GEL 65 million.
The National Agency for State Property sold the Chikovani Street property, including the hospital buildings, at a repeated auction on December 17 for GEL 28.2 million.
The new owner, Kostava Towers, was founded in 2022 and is led by Vasil Pkhakadze. The company is wholly owned by LLC Vellagio, which itself is owned by Malta-registered Global Investors Limited, founded by businessmen Soso and Levan Pkhakadze.
It is noteworthy that the first auction, announced in November, offered the 16,837 m² property at a starting price of GEL 40,676,000. After the auction failed, it was reannounced in December with a lower starting price of GEL 28,200,000. According to the eAuction system, only one bidder participated, and Kostava Towers secured the property with a single offer of GEL 28,210,000 - equivalent to approximately USD 621 per square meter.
The site is located near Heroes Square and the former Public Broadcasting building, within a cultural heritage protection zone, meaning the future owner must comply with all relevant preservation regulations.
Under the auction terms, the buyer must pay part of the amount within one month and must ensure that Tbilisi Children's Infectious Clinical Hospital LLC can continue using the premises free of charge for five years after the contract is signed.
For context, earlier this year the Ministry of Health announced a GEL 40 million tender to relocate the hospital to the Republican Hospital grounds. However, on June 4, 2025, the Ministry decided to cancel the tender. As a result, the hospital continues to operate at its current site.
