Page 56 - GEORptMay21

Georgian developer Blox to build shopping mall in Zugdidi
selecting an investor, Garibashvili explained.
"The government has always had unprecedented support for this project. Our government has fully supported the Anaklia project at both the executive and legislative levels,” PM Garibashvili stated on March 4.
He said that “major and various obligations have been repeatedly postponed [by ADC]. Among them, the main commitments were postponed three times, the government also redeemed and transferred the investment area worth GEL58mn ($20mn).”
The government has also undertaken the construction of a road and a railway connecting the port. The Roads Department already has this project ready. Furthermore, Garibashvili argued, the state’s Partnership Fund was ready to provide a subordinated loan of $100mn to the investor on the condition that the investor would be able to meet its obligations, but “they were not able to find the necessary capital and loan financing in the amount of $400mn.”
Georgian developer Blox is to invest $6mn in developing the first shopping mall in Zugdidi, Georgia.
Real estate consultancy firm Cushman & Wakefield was recently assigned to manage the leasing campaign for what will be the first such retail complex built according to international standards in Samegrelo-Zemo Svaneti region. According to the firm, the construction process would start this month with a finish envisaged by the end of 2021. The total area of the multifunctional shopping center is to be 15,000 square metres. Blox said the shopping centre would employ locals in an effort that would contribute to the region's economic development.
"Cushman & Wakefield was recently assigned to manage the leasing campaign for the first modern shopping centre in Zugdidi. The project is set to introduce the first contemporary, full-service shopping centre in Zugdidi, combining fashion retail, a hypermarket, F&B units, and other stores under one roof. Negotiations are currently under way with major brand operators with an established presence on the Georgian market,” Cushman & Wakefield said.
9.1.7 Property sector news
Abandoned rural homes now instant sellers in Georgia as city dwellers unsettled by coronavirus turn to remote working
Abandoned rural homes have reportedly become an instant seller in Georgia as the coronavirus (COVID-19) pandemic has lifted demand for out-of-town retreats.
Lekso Charkviani is said to be a man on a mission to revive forsaken villages. Moved by the plight of his own village, whose population has shrunk to a few families, Charkviani, according to a Thomson Reuters Foundation by phone.report, roams mountain roads in the former Soviet republic searching for deserted houses with character and a bit of land—and finds new owners for them.
“This is what I love to do when I have time,” the 45-year-old engineer, who has sold more than 70 properties in the Racha-Lechkhumi region in the last two years via his Facebook page “The Lost Eden”, was quoted as saying. Charkviani, who says he does not make any money from the sales, added: “I can’t stop—like a man who loves fishing and hunting.”
The reality of the coronavirus has boosted interest in rural and suburban living around the globe. People pursue larger homes suitable for remote working in cheaper, less crowded locations. There, they feel less at risk of infection. Charkviani finds a suitable property, tracks down the owners and, if they are willing to sell, posts their contact details online along with a video of the property, the news agency report added, citing him as also saying: “After the
56 GEORGIA Country Report May 2021 www.intellinews.com