- Georgia Capital the company's largest ever in-house affordable housing project's masterplan brief was approved, and also announced that it had received a construction permit to build a hotel.

The affordable project would add around 3,000 apartments to Housing Development's portfolio, and be developed in three stages, the company aid.

Georgia Capital's Housing Development and Hospitality & Commercial Real Estate businesses, m2, would start apartment pre-sales from December 2018 for stage one, where the total sellable area was approximately 22,000 sq.m.

The construction and development of 168,000 sqm residential and 84,000 sqm commercial spaces would continue for approximately four years, the company said.

The company also said its Hospitality & Commercial real estate business had received a construction permit from Kutaisi City Hall to develop a hotel project in Kutaisi.

The company intended to develop the 125 room hotel, expected to operate under the Ramada brand, over the next two years and welcome its first guests in the fourth quarter of 2020, Georgia Capital said.

At 9:21am: [LON:CGEO] Georgia Capital Plc Ord Gbp12.70 share price was -14.2p at 1134.2p

Story provided by