Rike Jugs concert hall still not sold at auction despite 50% discount

A concert hall located in the Rike Park of the Georgian capital city of Tbilisi could not be sold at auction for 47.5 million GEL despite a 50% discount, announces the National Agency of State Property.

The auction failed again because no one expressed a desire to buy the building", said the agency.

This was the fourth auction announced to sell the Rike Jugs as the building is included in the list of privatisation facilities as part of the '100 Investment Offers to Business' state programme.

The first auction was held in February 2020 when the building was valued at 95 million GEL.

The Rike Jugs were installed over 15,000 sq.m. of space in 2012. The facility was expected to serve as a concert hall in Europe Square, however, it was never completed. 

In total 75 million GEL was spent on construction of the building. 

The interior of the building is fully finished and it is popular among tourists and visitors of the old Tbilisi district due to its original design.