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EastPoint Shopping & Entertainment Center to include Goodwill Hypermarket

Published: March 20, 2013 | 4:05 pm
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PRESS RELEASE [19 March 2013]

CBD Development, a Georgian subsidiary of Quadrum Property Group, is pleased to announce the development of the first phase of EastPoint Shopping & Entertainment, a 65,000 sqm shopping center in Tbilisi, Georgia.  This will be Georgia’s first open-concept retail and entertainment destination – a unique offering in a market with a growing demand for international quality shopping.

The development is located on the motorway connecting the city center with Tbilisi international airport on the eastern edge of Tbilisi known as the “Kakheti Highway”. The area benefits from good transportation link and growing residential demand. The East Point site in particular enjoys 300 meter highway frontage and, with approximately 70,000 passengers passing daily, it offers excellent visibility for commercial brands.

EastPoint has reached an agreement with Goodwill, Georgia’s largest food retailer, for the opening of an 8,500 sqm store which will include a 6,500 sqm hypermarket as well as adjacent service boutiques.  Misha Charkviani, General Manager of Goodwill, said, “We are happy to announce that Goodwill will operate in East Point Shopping Mall, We Believe that EastPoint  will be best shopping and entertainment destination for the city;  We support the project and are looking forward to meet our customers in our new Hypermarket from 2014;

Phase I of the development will encompass some 65,000 sqm of built area accommodating a  hypermarket, a DIY store, electric and white goods superstore and a 27,000 sqm outdoor fashion mall, as well as over 2000 comfortable parking places. The fashion mall will feature a range of elite fashion boutiques, a comprehensive selection of high street brands, as well as restaurants and cafes.  Uniquely for Georgia, EastPoint will provide a comprehensive leisure offering for the whole family with multiplex cinema, bowling alley, children’s education and entertainment center, and food outlets.

Phase I of EastPoint will have total development cost of approximately $50mln million 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.

Commenting on the development, Tomas Gizas, Director of CBD Development said:  “We are excited to create such a unique shopping and entertainment destination for the people of Tbilisi.  We are aiming to make East Point a place that will appeal to the whole family and to all age groups throughout the week”.

About Quadrum

Quadrum Property Group is a real estate investment and development affiliate of Cube Capital – an investment management firm with over US$1.3 billion in assets under management. The group has offices in London, Hong Kong, Shanghai, Beijing, Moscow, Kiev and Tbilisi. Its activities are spread across a range of hedge funds and real estate private equity.  Quadrum currently owns real estate and development projects totaling more than US$900 million across the United States, Southeast Asia and countries of the former Soviet Union.  The development and leasing team involved in East Point project consists of Georgian and Western professionals who have successfully opened and operated several retail centers across Eastern European countries with major retailers such as Carrefour, Real/MetroAG, Inditex Brands (Zara, Bershka, Massimo Dutti), Mango, C&A, H&M, etc).

For Additional Information please contact:

Nini Gorgodze – Sales and Marketing Director

Mob: +995 577496004

gorgodzen@eastpoint.ge

 


 

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