The Panorama Tbilisi investment project and the tourism and real estate project, uniting four multi-functional complexes in the city centre of Tbilisi, has been described by the Georgian Co-Investment Fund’s (GCF) chief executive George Bachiashvili, as "grandiose.”

Panorama Tbilisi’s four multi-functional areas with a total investment of $0.5 billion USD fully funded by GCF, a $6 billion USD private equity fund included: Sololaki Rise, Sololaki Gardens, Tavisufleba (Liberty) Square and Erekle II Square.

Panorama Tbilisi is one of the GCF’s five projects has gone public today where Bachiashvili, gathered business representatives, investors, financial institutions and Government representatives to mark the launch of the projects at the Tbilisi Marriott Hotel.

The projects range across a variety of sectors totaling $1.3 billion USD including tourism and real estate, which will be allocated half of the initial budget of half a billion USD. In addition, more than $770 million USD will be invested in two energy projects and $59.3 million USD will go towards developing Georgia’s agricultural industry with dairy farms and greenhouse projects.

The Fund’s horizon is seven to nine years, after which it will exit from all of its investments by selling its shares to co-owners, third parties or through initial public offerings.

According to the model of the project, the uniqueness of the Panorama Tbilisi project was the lifts and aerial gondola that would linkcentral and old Tbilisi, meaning guests do not have to rely on vehicles as a mode of transport.

"Bended lifts, ropeways, architectural and technical components of the projects give us the right to say that Panorama Tbilisi will become the calling card of the capital city,” Bachiashvili said.

"The multi-functional complex is composed of five and four stars hotels, hotel-type apartments, trade and office spaces, exhibition and conference halls, sport facilities and other kind of infrastructure that is needed to provide guest with a complete service.”

Bachiaashvili believed the project was the best example of "green architecture” as more than 30 000 new trees would be planted surrounding the new facilities.

The complex will be equipped with parking spaces for 1800 vehicles, which will ease car parking woes.

Designers have not finished working on the model of the project, as GCF had conducted negotiations with local and international architectural bureaus for improvement advice.

Bachiashvili revealed part of the land where the project will be developed belonged to the former Prime Minister of Georgia Bidzina Ivanishvili, who was one of the Fund’s founders who committed $1 billion USD of personal funds.

"We are in the process of moving ownership of these lands from Ivanishvili and the rest will be acquired from private land owners,” Bachiashvili said.

The project is expected to launch as soon as the final details are confirmed. The large-scale complex is expected to be in full operation in four years.

Source: http://agenda.ge/article/729/eng, By Tamar Khurtsia