The European Bank for Reconstruction and Development (EBRD) has purchased a 21% stake, worth USD 15 million, in the Georgian Reconstruction and Development Company (GRDC).
In addition, EBRD has allocated a USD 42.6 million loan to GRDC, a real estate and development company with a portfolio of 22 sites with an approximate 2 million square meter development potential.
This is EBRD’s first direct investment in the Georgian property sector.
“Financing will assist the GRDC in the construction, refurbishment and operation of four commercial properties: two office buildings, a shopping centre, a railway station,” EBRD said in a statement on October 15.
EBRD, one of the largest private sector investors in Georgia, has to-date signed a total of 72 investment projects in the country, covering energy, transport, agribusiness, general industry and banking for a total commitment of almost EUR 400 million.