Silk Road Real Estate, the property management company of the Silk Road Group, has successfully placed the first tranche of its USD 40 million bond issuance — USD 20 million — on the Georgian Stock Exchange. The placement was supported by Galt & Taggart, TBC Capital, and Silk Bank.
The annual coupon rate for the first tranche of bonds is 9.00%. The proceeds from the bond sale will be used to refinance existing obligations. The second tranche of USD 20 million is planned for later this year.
Following this placement, Silk Road Real Estate has become a registered company on the Georgian Stock Exchange, marking a significant milestone and testament to the organization’s continued success in recent years.
This bond issuance represents the first joint placement between Galt & Taggart, TBC Capital, Silk Bank, and Silk Road Real Estate.
Giorgi Ramishvili, Founder and Chairman of the Supervisory Board of Silk Road Group:
“The success of this bond issuance is the result of the joint efforts of every team member at Silk Road Real Estate. We are a unified, highly effective, and motivated team. The company’s structure includes both real estate development and operations in hospitality and entertainment industries. These sectors work in close cooperation toward common goals, backed by a reputable international and independent board of directors. This collaboration yields tangible and impressive achievements, such as the issuance of these bonds. We engage internationally recognized architects and designers to ensure that all our buildings are innovative, modern, and aligned with the latest global standards — this is what makes our projects truly unique.”
Mamuka Shurgaia, CEO of Silk Road Real Estate:
“With the successful issuance of the first USD 20 million tranche, Silk Road Real Estate has become a registered company on the Georgian Stock Exchange. This is a significant milestone for us and a clear signal that both international and local investors recognize Georgia’s immense growth potential, supported by leading companies like Silk Road Real Estate. I want to thank our team and everyone involved in making this possible. Special thanks also go to our partners: the Partnership Fund, TBC Bank, and Bank of Georgia.”
Zurab Kokosadze, Deputy CEO of Bank of Georgia:
“I’m pleased to highlight Galt & Taggart’s role in the successful placement of Silk Road Real Estate’s first bond tranche. This marks the first joint transaction among Galt & Taggart, TBC Capital, Silk Bank, and Silk Road Real Estate. We look forward to collaborating on more such initiatives. I also want to congratulate the entire Galt & Taggart team on yet another success. Over the years, Galt & Taggart has been an effective investment banking partner across both the private and public sectors, as well as with international financial institutions.”
Giorgi Tkhelidze, Deputy CEO of TBC Bank:
“We are proud to support the primary issuance of Silk Road Real Estate and help the company access alternative sources of funding through the capital market. Our partnership with Silk Road Group began in 2015, and since then, we’ve jointly delivered several high-standard real estate projects. It’s important that TBC Capital actively participates in local bond placements, helping position Georgia as an attractive destination for both local and foreign capital.”
Aleksi Khoroshvili, CEO of Silk Bank:
“This was a debut issuance not only for Silk Bank but also for Silk Road Real Estate. We are delighted to have had the opportunity to contribute to this transaction. As a bank within the Silk Road Group, we are doubly proud of the successful execution of this issuance.”
About Silk Road Real Estate
Part of the Silk Road Group, Silk Road Real Estate operates two core business lines:
- Silk Development, which handles the development of new real estate projects;
- Silk Hospitality, which manages completed properties.
The company owns and successfully operates Radisson-branded hotels in Tbilisi, Batumi, and Tsinandali; Park Hotel in Tsinandali; the Republic multifunctional complex in Tbilisi; and various entertainment and conference venues.
Silk Road Real Estate is currently developing two major projects: the five-star Hotel Telegraph in central Tbilisi and the Botanico residential complex in Adjara. The total value of the company’s assets exceeds GEL 900 million.
Since 2005, Silk Road Group has invested nearly USD 1 billion into the Georgian economy. Its portfolio also includes telecom operator Silknet, the Bakhvi Hydro Power Plant, and Silk Bank.
