Opening of the first outlet at the crossroads of East and West on track for Spring 2022

Tbilisi, Georgia (May 30, 2021) – Work has begun onsite at Tbilisi Outlet Village, a 20.000 square metre GLA development just outside the capital of Georgia. The very first outlet in the region, it is developed by Georgian Outlets & Resort Group (GORG) in close collaboration with TORG, The Outlet Resource Group. The opening of Phase 1, consisting of 12,500 square metres and 70 units, is well on track for spring 2022.

Leasing has progressed strongly since the project went to market in the summer of 2020, despite the restrictions of the coronavirus pandemic. 50% percent of GLA is signed at this point, including a host of high-end, international brands– proving the reputation of Tbilisi as the fashion capital of Eastern Europe and  one of the top emerging countries. Theoutlet’s location is particularly well suited – just 30 minutes south east of the capital and directly on the busy E60 motorway. It benefits from a strong catchment made up of Tbilisi’s 1.4m population and a significant number of cross-border travelers from Azerbaijan, Armenia, Russia and Turkey. Tbilisi Outlet Village is expected to attract more than 7million visitors in its first three years alone.

Sandro Kordzakhia, Founding Partner of GORG and CEO of Domus, the construction company building TbilisiOutlet Village, said: “We are proud to be building what will be the very first outlet village in this region. It is the result of a close collaboration between L35 – one of Europe’s leading architectural firms who designed outlets like La Roca and Las Rozas in Spain – our local construction team and TORG The Outlet Resource Group. We have delivered major hotel and residential projects in Georgia over the years, but we are particularly excited about Tbilisi Outlet Village as it is our first major commercial real estate project.”

Guram Tsanava, also Founding Partner of GORG, added: “The outlet sector has proven to be resilient, both before and coming out of the pandemic. As our partners from TORG have observed over the years – outlets are good in good times and great in bad times. Tbilisi Outlet Village will not only create a memorable but also a safe experience with its open-air design that allows for easy social distancing. It will  become a significant driver of the local economy, creating over 500 full and part time jobs and engaging many local parties already well before opening.”

Tbilisi Outlet Village will bring together the most exciting international and Georgian brands across a total of 110 carefully curated stores, representing 20,000 square meters of GLA, built in 2 phases. The architects, Barcelona-based L35, have designed Tbilisi Outlet Village as a fusion between tradition and modernity, re-interpreting the historic city’s traditional facades and courtyards whilst bringing in iconic contemporary shopfronts. Paired with state-of-the- art facilities and an open-air design, Tbilisi Outlet Village is certain to offer guests not just excellent shopping at discounted rates, but also a safe and pleasant place to spend their time.

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Notes to editors

For more information about Tbilisi Outlet Village, please visit tbilisioutletvillage.com.

  About TORG:

TORG is one of the world’s leading outlet consultancies based in Chicago. It is the only global alliance of professionals that delivers a truly comprehensive approach to outlets. The team aspires to create the world’s bestoutlet centres from the ground     up in areas and countries with yet untapped growth potential – be it Europe oremerging markets.

TORG’s breadth of knowledge spans from international retail expertise, project development, financing, marketing,leasing and asset management to centre operations. TORG Europe is incorporated in The Netherlands, its senior management is based across Europe including all major countries. All team members have extensive experiencewith European market leaders. TORG understands the local culture and demands for any given country and is able to translate this into all aspects of development – from the initial design and positioning to the appropriate merchandising mix and leasing approach. TORG is in charge of development, leasing and future management ofTbilisi Outlet Village.

Contact details:

Barbara Horatz TORG Europe

Partner Marketing & Retail [email protected]

+49 175 34 27261

About Georgian Outlets & Resort Group:

Founded in 2018, Georgian Outlets & Resort Group is led by a number of prominent Georgian entrepreneursincluding Guram Tsanava, Sandro Kordzakhia, Baadur Urushadze, George Giorgadze and Aleksandre       Shaishmelashvili.

About Domus Group:

Founded in 2006, Domus has quickly established itself as the leading development and construction group and one of the most prominent real estate groups in Georgia. Based in Tbilisi, its portfolio today includes some of the most prestigious residential, hotel, office as well as commercial real estate projects. The group has a diversified portfolio ofvarious leading companies including real estate development, construction, manufacturing and distribution ofconstruction materials as well as design and architectural agencies.

Guram Tsanava, the project’s initiator, is a seasoned executive, entrepreneur and business strategist with over 20 years of diversified, functional and industrial experience and a solid track record of managing large holdingcompanies and nurturing new ventures. He was a CEO and a Senior Executive of the two largest holding companies in Georgia (both in Top 20), Georgian Industrial Group Holding and RAKIA Georgia. He also oversaw the management of the largest shopping mall in Georgia, Tbilisi Mall and one of the most recognized hotels Sheraton Metekhi Palace. Guram has ownership stakes in various successful companies in the pharma, coffee, retail, fashion, real estate and other industries. He is a member of prominent business associations as well as a board member on a number of leading private companies. An alumni of Stanford Graduate School of Business, he is also a professor ofStrategy at Caucasus University and at Grenoble Graduate School of Business.