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Land for Resort Sold for USD 182 mln
Civil Georgia, Tbilisi / 17 May.'07 / 19:04

Georgian Reconstruction and Development Company (GRDC) has bought a plot of land with a total area of about 3.5 million square meters in the area around Lisi Lake in the outskirts of Tbilisi for USD 182 million from the state. The intention is to develop a spa-like resort and residential area.

An auction, with a starting price of USD 26.5 million, was held at the Ministry of Economy on May 17.

GRDC, which is a real estate and development company with a portfolio valued at over USD 210 million (before the recent acquisition), has given a commitment to pay the price within a year.

Under the terms, GRDC has also to invest at least USD 25 million in the next five years in developing and constructing resort infrastructure.

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