Investment and Growth Strategy
SALE OF HOSPITALITY BUSINESS ASSETS
In 1Q23, our hospitality business completed the sale of two
operational hotels and a vacant land plot in Tbilisi for a total
consideration of US$ 28 million.
Additionally, in April 2023, the business entered into a binding
agreement to sell another under-construction hotel located in
Tbilisi for US$ 8.4 million. The transaction is expected to close
by the end of 2Q23.
THE PROCEEDS FROM THE TRANSACTION WERE FULLY UTILISED FOR DELEVERAGING THE
HOSPITALITY BUSINESS BALANCE SHEET
TRANSACTION HIGHTLIGHTS
NET DEBT DEVELOPMENT OVERVIEW
(US$ MILLION)
-72%
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THE TRANSACTIONS MARK FURTHER PROGRESS TOWARDS TWO
CORE STRATEGIC PRIORITIES:
to divest, over the next few years, subscale portfolio companies
to delever the Group's balance sheet
TOTAL
CONSIDERATION
US$ 36 MILLION
28
TRANSACTIONS HAD POSITIVE IMPACT ON THE AGGREGATED
LEVERAGE OF OUR PRIVATE PORTFOLIO COMPANIES
AGGREGATED NET DEBT TO EBITDA OF THE PRIVATE BUSINESSES
3.3x
31-DEC-22
3.0x
31-MAR-23
Received in 1Q23
■To be collected in 2Q23
➤ THE SALES HAVE NO IMPACT ON GCAP'S NAV
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31-Dec-22
31-Mar-23
GEORGIA
CAPITAL
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