Bgeo Group PLC m2 acquires land plot for hotel development (5721J)
April 03 2018 - 2:01AM
UK Regulatory
TIDMBGEO
RNS Number : 5721J
Bgeo Group PLC
03 April 2018
London, 3 April 2018
BGEO Group's real estate subsidiary acquires land plot in Telavi
for hotel development
BGEO Group PLC (the "Group" or "BGEO"), announces that the
Group's real estate subsidiary, m(2) Real Estate ("m(2) " or the
"Company"), has acquired an 8,512 square metre land plot in Telavi,
Kakheti for a total cash consideration of US$1.5 million. The
Company intends to develop a hotel on the acquired land plot with
approximately 130 rooms (the "Hotel") over the next two years.
Telavi is the largest city in eastern Georgia and a major tourist
destination, known as a major wine region in Georgia. The Hotel
construction works will be carried out by the Company's
construction arm.
Irakli Gilauri, BGEO CEO commented: "I am pleased to see that
m(2) Real Estate has made yet another step towards its hotel
development strategy to reach a capacity of 1,000 hotel rooms over
the next three years. The Hotel, located in the heart of Georgia's
wine region, will attract a growing number of tourists interested
in Georgian wine, cuisine and hiking."
Name of authorised official of issuer responsible for making
notification: Natia Kalandarishvili, Head of Investor Relations and
Funding
About BGEO Group PLC
The Group: BGEO Group PLC ("BGEO"- LSE: BGEO LN) is a UK
incorporated holding company of a Georgia-focused investment
platform. BGEO invests, via its subsidiaries, in the banking and
non-banking sectors in Georgia (BGEO and its subsidiaries, together
the "Group"). BGEO aims to deliver on its strategy of: (1) at least
20% ROAE from its Banking Business; (2) 15%-20% growth of its
Banking Business loan book; (3) at least 25% IRR; and (4) up to 20%
of the Group's profit from its Investment Business. On 3 July 2017
BGEO announced its intention to demerge BGEO Group PLC into a
London-listed banking business (the "Banking Business") and a
London-listed investment business (the "Investment Business") by
the end of the first half of 2018.
Banking Business: Currently comprises: a) retail banking and
payment services, b) corporate investment banking and wealth
management operations and c) banking operations in Belarus ("BNB").
JSC Bank of Georgia ("BOG" or the "Bank") is the core entity of the
Group's Banking Business. The Banking Business will continue to
target to benefit from the underpenetrated banking sector in
Georgia primarily through its retail banking services.
Investment Business: Currently comprises the Group's stakes in
Georgia Healthcare Group PLC ("Healthcare Business" or "GHG") - an
LSE (a London Stock Exchange) premium-listed company, Georgia
Global Utilities ("Utility and Energy Business" or "GGU"), m(2)
Real Estate ("Real Estate Business" or "m(2) "), Teliani Valley
("Beverage Business" or "Teliani") and Aldagi ("Property and
Casualty Insurance Business" or Aldagi"). Georgia's fast-growing
economy provides opportunities in a number of underdeveloped local
markets and the Investment Business will target to capture growth
opportunities in the Georgian corporate sector.
JSC BGEO Group has, as Bank of Georgia has, as
of the date hereof, the of the date hereof, the
following credit ratings: following credit ratings:
Fitch Ratings 'BB-/B' Fitch Ratings 'BB-/B'
Moody's B1/NP (FC) Moody's 'Ba3/NP' (FC)
& B1/NP (LC) & 'Ba2/NP'
(LC)
For further information, please visit www.bgeo.com or
contact:
Irakli Gilauri Michael Oliver Giorgi Alpaidze
Group CEO Adviser to the Group CFO
CEO
+995 322 444 109 +44 203 178 4034 +995 322 444 190
igilauri@bgeo.com moliver@bgeo.com g.alpaidze@bgeo.com
This news report is presented for general informational purposes
only and should not be construed as an offer to sell or the
solicitation of an offer to buy any securities
This information is provided by RNS
The company news service from the London Stock Exchange
END
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