Home News Arabian Rakeen Development Acquired Property of Martime Bank

Arabian Rakeen Development Acquired Property of Martime Bank


Rakeen Development acquired property of Maritime Bank of Georgia on auction, held recently by the bank liquidation commission, for initial price - $4 million. The company was able to acquire the property for starting price, as it was the only participator of an auction, Sarke was told in National Bank of Georgia. The sold property includes office building of Maritime Bank in Batumi, Gogebashvili St. 62. Total area of the building is 1,571 square m, attached land plot - 6,200 square m.


Buildings of the bank's branches in different regions of the country were sold together with head office. Namely, building in Poti, Chkheidze St. 1, with total area of 1,559 square m and land plot of 4,450 square m. Total area of two buildings in Tbilisi (Kostava St. 3 and Kazbegi St. 34) makes up 956 square m, land plots - 580 square m. Total area of three constructions in Kobuleti (Sukhumi St. 36, Lermontov St. 12 and Chavchavadze St. 25) is 346 square m, land plots - 1,898 square m. Buildings in Khulo, Khelvachauri and Shuakhevi boroughs of Ajara have total area of 803 square m, land plots - 1,003 square m.


Buyer should cover the cost in 10 days period.


Maritime Bank of Georgia, functioning since 1993, is under liquidation since 2004.


Rakeen Development acquired recently Tbilisi hotel Sheraton Metechi Palace, estimated for $25 million, for $67.5 million. Besides, Arabian company plans to invest $1.5 billion in two projects (Tbilisi Heights and Uptown Tbilisi) in Tabakhmela, near Tbilisi.

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