- BGEO Group's property subsidiary, m2 Real Estate, has signed its first major third-party construction contract.

m2 has been awarded the contract to construct the shell and core of a new shopping mall and business centre located in Tbilisi's Saburtalo district.

The company's construction arm plans to carry out construction works over the 16 months following the planned project commencement in January.

The total value of the contract, which covers construction management services and the project costs, is $11.6m.

BGEO chief executive Irakli Gilauri said: "I am pleased to see m2's construction arm has been awarded its first major third-party construction contract since its acquisition by m2 in June 2017.

'This award allows m2 to generate fees income in line with its 'asset light' strategy as well as utilise the benefits of its construction arm's vertical integration into the Company's business model.

'I look forward to similar awards in the future.'

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