NEWS

Former concert hall space in downtown Tbilisi sold in seventh auction attempt

Built in 2012 over the space of 15,000 square metres, the buildings were designed to host music performances but were never completed. The construction of the two spaces cost 75 million GEL ($23,255,497/€21,186,675). Photo: publika.ge.

Agenda.ge, 24 Mar 2022 - 18:26, Tbilisi,Georgia

A former concert hall located in the riverside Rike Park in Georgia’s capital Tbilisi has been sold via an online auction for 10 million and 2 thousand GEL (about $3,094,025/€2,812,236), the National Agency of State Property announced on Thursday.

The agency said the buildings - dubbed “Rike Jugs” due to their shape - had been purchased by the foreign company Global Victory Trust, adding the new owner would be expected to use the space to arrange a museum of wine, digital art and technology, as well as exhibition and conference spaces in the area, within 36 months.

This was the seventh auction announced to sell the Rike Jugs since the twin buildings’ inclusion in the list of to-be-privatised facilities, as part of the 100 Investment Offers to Business state programme. The previous six attempts to sell the buildings had failed.

Built in 2012 over the space of 15,000 square metres, the buildings were designed to host music performances but were never completed. The construction of the two spaces cost 75 million GEL ($23,255,497/€21,186,675).

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