Dubai, United Arab Emirates - Monday, September 28th 2015 [ME NewsWire]
TGM Consultants has been appointed to provide full scope property management and leasing services for the Tbilisi Mall, the most significant retail and leisure development in Georgia and the Southern Caucasus. The mall, located in the rapidly growing capital of Georgia, an evolving economic hub, has been developed by Rakeen Development, the largest real estate developer in the emirate of Ras Al Khaimah, UAE. This appointment cements TGM's position as one of the leading consultancy firms in the region; following its entrance into the Southern Caucasus late 2013 through its ongoing involvement with the Yerevan Mall in Armenia.
With a track record of successfully managing and leasing shopping centres for a period of 20 years, Dubai based TGM Consultants has taken over the property management and leasing tasks of Tbilisi Mall from July 2015. The mall is the first modern centre to combine leisure, retail and entertainment in the region. With a GLA of 74,000 sqm, the centre attracts more than five million visitors per year from all over Georgia and neighbouring countries, and is considered the most successful family shopping and entertainment centre in both Tbilisi and the entire Southern Caucasus region. Tbilisi Mall includes 108 shops, 25 kiosks, and offers a broad range of high street fashion and internationally established brands including ZARA, Massimo Dutti, Gap, Marks & Spencer, Carrefour and Banana Republic. Close to 80% of the brands are new entrants into the Georgian market.
Having recently relocated to the new Dubai office in order to personally oversee the international operations, Philip Evans, Managing Partner of TGM Consultants, said: “Historically, TGM has focused on the increasingly saturated CEE region – and while there are still ample amounts of opportunities for TGM in this region, we have followed our long-term strategy to further explore markets that are less mature and have significant business potential. After conducting business in China and North Africa, and following our introduction to the MENA region last year, we are very pleased to have this opportunity in such a rapidly developing country within the Southern Caucasus. On the basis of our expanding strategy, we will also utilize the best practices of our new headquarters for international operations in Dubai alongside those of our retail franchise contacts throughout the region.”
“Georgia lies at the crossroads between Asia and Europe, and Tbilisi itself lies on important international trading routes that are extremely significant networks for the country’s trade. We are happy to have TGM Consultants on board as property managers, as their wide scope of experience and network of offices complements our needs perfectly. We hope it will be a long and fruitful cooperation,” said Krieshan Groverr, CEO of Rakeen Development.
TGM was founded in 1994 as the operational wing of TriGranit Development Corporation, one of the largest privately owned real estate development companies in Europe. It has the capability to provide a full suite of services as a ‘one stop shop’, including: development and design consultancy, project management, asset and property management, leasing, marketing, commercialisation, facilities management consultancy, research and market intelligence.
TGM is currently active in 14 countries with nine offices in Europe and the Caucasus, the Middle East and in China. Its integrated portfolio consists of almost 1,600,000 sqm of retail property under management and leasing, and oversees over €3 billion of assets in 29 current retail, office and leisure projects. TGM welcomes over 64 million visitors every year, supporting the success of more than 1,500 international tenants within the leasing portfolio. TGM manages large assets - such as the WestEnd City Center in Budapest, Hungary, for example - with 23 million visitors in 2014 and operating successfully with 100% occupancy rate despite the unstable economic environment. Arena Centar, Zagreb is also a flagship in TGM’s portfolio, with increased visitor numbers and turnovers in 2014 as well as in Q1 2015.
About Rakeen Development LLC
Rakeen Development LLC was established by RAKEEN Development, the largest developer in the emirate of Ras Al Khaimah, UAE. RAKEEN’s diversified business portfolio spreads across the globe. LLC Rakeen Uptown Development is one of the fastest and most dynamically growing companies in the region, which is reflected in its financial data. In 2012/2013, the total revenue of the company increased by 110%, gross profit by 59% and EBIDTA by more than 100% compared to 2012. Under the Patronage of His Highness Sheikh Saud Bin Saqr Al Qassimi, Rakeen is furthering the vision of transforming the emirate of Ras Al Khaimah into a destination that thrives on development as much as it reveres the environment. Sustainability, Responsibility and Prosperity are Rakeen's core values.