International developer Quadrum Property Group has begun developing the first phase of a 65,000 m2 shopping centre in the Georgian capital Tbilisi.
International developer Quadrum Property Group has begun developing the first phase of a 65,000 m2 shopping centre in the Georgian capital Tbilisi.
EastPoint Shopping & Entertainment centre will be Georgia’s first open-concept retail and entertainment destination, according to Quadrum's Georgian subsidiary.
The development is located on the Kakheti Highway that connects the city centre with Tbilisi international airport on the eastern edge of Tbilisi.
Phase I of the development will encompass some 65,000 m2 of built area accommodating a hypermarket, a DIY store, electric and white goods superstore and a 25,000 m2 outdoor fashion mall, as well as over 2,000 parking places.
Goodwill, Georgia’s largest food retailer, has agreed to open a 8,500 m2 store at the centre.
The first phase will cost $50 mln (€37 mln) which has been fully funded by the developer. Construction has already started, with ground and perimeter works almost completed and delivery scheduled for the third quarter of 2014.
Quadrum is a real estate investment and development affiliate of Cube Capital, an investment management firm with over $1.3 bn in assets under management. The group has offices in London, Hong Kong, Shanghai, Beijing, Moscow, Kiev and Tbilisi.
