Tashkent State Department Store to be up for sale at auction
BAKU, Azerbaijan, May 9
By Ilkin Seyfaddini – Trend:
The Toshkent Savdo Markazi complex, formerly known as State Department Store, will be sold at an auction, Trend reports citing a resolution of the Cabinet of Ministers of Uzbekistan.
The building is on Chorsu Square, and was originally built as the State Department Store. From the early 2000 through 2011, the Turkuaz shop was located here.
In 2011, Turkuaz was closed due to serious violations, and the owner, a Turkish businessman, left the country. The issues with property ownership continues through international arbitration through this day, says the message.
Toshkent Savdo Markazi LLC has been managing the building until today. In early May, the government approved a proposal to sell the complex. It is expected that this will attract new investments and will allow using the state property more efficiently.
The appraisal company, engaged by the State Assets Agency, estimated the complex at 303.5 billion soum ($29.8 million). At this starting price, the shopping center will be put up for sale at E-auksion online platform. If it is not possible to sell the complex by auction, a tender bidding will be held.
On February 18, 2020, famous Tashkent hotel Chorsu was sold for 16.9 billion soum (nearly $1.8 million) at the auction, the winner of which Ittihad International Investment LLC from the UAE.
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