Mixed-Use Complex In Heart Of Tbilisi

17 Oct, 2007, Moscow

Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) is pleased to announce that it has been retained as exclusive real estate advisor on Rikhe - a $170 mln mixed-use complex in the heart of Tbilisi, Georgia. Akhali Rikhe is the investor in this project.

Rikhe will be a modern mixed-use complex located in old Tbilisi’s central square comprising of retail, offices, residential, restaurants, a museum and conference hall. There will also be public pedestrian areas for residents and tourists. The site is 8 ha in total and the complex will have a surface area of up to 140,000 sq.m.

The tender process for the project’s design is currently under way. It is expected to attract interest from architects of international caliber.

Cushman & Wakefield Stiles & Riabokobylko will oversee project’s conception as well as provide project management throughout the development process.

Ruslan Vinokurov, Director, Project Management Department, C&W/S&R: “We believe that a project of this scale as well as Rikhe’s prime location has the potential to kick start a wave of development in the area. We believe Rikhe will become not only a landmark development but a new benchmark for future projects in Georgia”.

Nina Bakradze, Director, Akhali Rikhe: “The construction of a mixed-use complex in the heart of the Georgian capital is a unique opportunity to sit alongside the city’s rich cultural heritage. We hope that Rikhe bridges the gap between Tbilisi’s vibrant cultural traditions and its future prosperity”.

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