In 2012, Shalva Jakhutashvili proposed a co-investment opportunity to the company Salkhino 93, which was seeking an investor for a retail center on a land plot located near Akhmeteli Theatre metro station. the proposal included making the necessary financial investment on the land owned by Salkhino 93 LLC, in return for Capitol Real Estate receiving 70% co-ownership of the property. The agreement also outlined joint management of the shopping center based on a 30/70 partnership model through a newly established company, Gldani Mall Service LLC. The project also included the construction of an underground parking facility for 98 vehicles adjacent to the building.

In 2013, Capitol Management took over the management of Shalva Jakhutashvili's assets and became actively involved in the project’s implementation. Gldani Mall opened its doors in 2015 and quickly established itself as a neighborhood-style shopping center, serving the daily needs of residents from Gldani and surrounding districts. The mall is easily accessible by all modes of transport, and after shopping in a comfortable environment, visitors can conveniently return to any part of the city.

Project Implementation

The successful realization of the project involved several critical steps and factors:

At the early stage of construction, Capitol Management commissioned START BUSINESS SOLUTIONS to conduct both qualitative and quantitative research among residents of the Gldani district. The insights from this research played a pivotal role in shaping the optimal concept for Gldani Mall, while also equipping the sales team to successfully secure pre-lease agreements. At that time, most retail brands were primarily focused on central districts, and Gldani was not considered part of the city’s commercial map. However, the research findings and the building’s planned concept effectively demonstrated the attractiveness of the new retail space, ultimately convincing brands to participate in the project. As a result, when Gldani Mall opened in 2015, it did so with an 80% occupancy rate.

Following its launch, the Mall experienced a steadily growing customer flow and, thanks to convenient access via public transport, it quickly evolved into a well-frequented and easily accessible neighborhood shopping center.

In 2015–2016, the project withstood a period of significant currency fluctuations, which forced the management team to reduce rental rates in response to market conditions.

In 2017, the project faced increased competition due to the completion of City Mall Gldani, located nearby, which attracted major tenants by offering different lease terms. However, occupancy dropped only temporarily, and by 2018, the Mall had regained momentum, approaching a 95% occupancy rate.

In 2020, the project endured the four-month lockdown caused by the pandemic. During this challenging period, Gldani Mall retained both its tenants and its staff in full.

Despite numerous challenges, the project never once recorded a delay on its bank loan obligations.

Project Outcomes

In 2023, Capitol Real Estate, in agreement with its partner, made the decision to divest the assets of Gldani Mall, and full management responsibilities were transferred to the new property owner