Rike concert hall to be offered to business for privatisation

The construction work of the building finished in 2012 and the cost of the building was 75 million GEL ($25.9 mln/€23.5 mln). Photo: flickr.com.
 

Agenda.ge, 30 Jan 2020 - 18:20, Tbilisi,Georgia

Rike concert hall located in Tbilisi on Europe Square will be offered to businesses for privatisation in addition to other state-owned assets offered through the “100 investment projects for business” program, said Economy Minister Natia Turnava earlier today.

The price for the building at auction will be 95 million GEL ($32.9 mln/€29.8 mln).

The construction work of the building finished in 2012 and the cost of the building was 75 million GEL ($25.9 mln/€23.5 mln).

At first the building meant to be a concert hall or an exhibition centre but it was not used and the purpose for the building could not be found. 

Turnava said that the building is allocated at the centre of Tbilisi and the place is very attractive for tourists.

The building is placed in the 15,000 square metres area.

The government was ready to sell the building to the business at a symbolised price 1 Gel ($0.34/€0.3) with the obligation of investing which meant reconstruction of the building but the interest was not expressed from the business sector,” said Tbilisi Mayor Kakha Kaladze.

Tbilisi Mayor Kaladze is not sure if the privatisation of the building is possible at a price of 95 million GEL ($32.9 mln/€29.8 mln) as the building needs some reconstruction work worth about 20 million GEL ($6.9 mln/€6.3 mln).

Kaladze noted that if the building will not be sold, then there may be a need for government to allocate funding for reconstruction of the building.