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M2 Acquires Land Plot for Hotel and Office Space Development

Georgia Capital PLC (the Group or Georgia Capital), announces that the Group’s hospitality &  commercial real estate business, owned through m2 (“m2 ” or the “Company”), has acquired a 4,946 sq.m. land plot in the centre of Tbilisi for a total cash consideration of US$ 5.34 million.

The Company intends to use the land for a four-star business class hotel (the “Hotel”) development, with a focus on business travelers, equipped with modern conferencing facilities. The Hotel is expected to have a capacity of at least 120 rooms. The development includes construction of A class offices with at least 5,500 sq.m. of leasable space. The construction works will be carried out by the Company’s construction arm, with completion expected in the first half of 2021.

Irakli Gilauri, Georgia Capital Chairman and CEO commented: “I am delighted to announce that our hospitality & commercial real estate business continuesto successfully invest in the fast-developing tourism sector and take advantage of the undersupplied office market in Georgia. With this acquisition, m2 has now accumulated close to the targeted 1,000 rooms in its hospitality business portfolio and, consequently, we do not anticipate making any further investments in land bank for the hospitality business in Tbilisi.”