York Towers have struck one of the largest private real estate deals on the local market, with the leading Real Estate Developer acquiring 6 residential/apart-hotel blocks in a housing complex on the first coastal line of Batumi, the compound also features 2 hotel properties.

The transaction follows the prolonged negotiations for the asset. The acquired flagship property in Batumi, developed on 30,000 square meters of the premium resort land, with 1,000+ serviced residences, 2 hotels, 2 spa centers, casino, 3 restaurants and extensive MICE facilities, will further expand York Towers’ real estate business and solidify the York Holding Group’s position as one the largest diversified property owners in the country.

 “We see a massive rebound coming on Batumi markets both real estate and hospitality, and so we bet on the acquired portfolio of assets to bring us good returns,” Amr Al Abwaz, the CEO of YHG, said. “We are buying it at an attractive price. We believe we are playing into the recovery that we are seeing in our other assets,” he added.