Georgia Capital - Financial Overview and Investment Opportunities
Private late
stage portfolio
Housing development business overview
Investment rationale
m
უძრავი ქონება
REAL ESTATE
Market opportunity
Average household size and home ownership
GEORGIA
CAPITAL
Average household size is significantly higher compared to
Europe
4.5
120%
4.0
93%
96%
90%
90%
90%
83%
3.5
82%
86%
100%
81%
Most of the housing stock dates back to Soviet era and is
amortised
■ In line with the economic growth, urbanisation levels are
increasing from current low level
3.0
69%
80%
2.5
60%
2.0
1.5
40%
1.0
20%
0.5
3.3
2.8
2.7
2.7
2.6
2.4
2.3
2.3
2.2
2.1
0.0
0%
Georgia Croatia
Slovakia Poland Romania Bulgaria Hungary
EU
Estonia Lithuania
Average Household Size
Home Ownership 2016
Value creation potential
Asset light strategy
Unlock land value by developing housing projects
■ Development of third-party land - franchise m² brand name
Earn Construction management fees from third-party projects
and bring construction works in-house
Value realisation outlook - Cash out by transformation
into real estate asset manager
EBITDA 2016-2022E¹ (GEL m)
26
22
17
11
56
51
47
2016A
2017A
2018E
2019E
2020E
2021E
2022E
1 Housing development business' functional currency is US dollars
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