A filing submitted to the Business Registry reveals that DMG Group has acquired Neo City Development, the company that owns the strategically located Laguna Vere complex and the former Silk Factory site in central Tbilisi.
Under the agreement, DMG Group will purchase the company for $64 million. The deal includes the assumption of Neo City Development’s existing financial liabilities, specifically, loans amounting to $21 million and $20.4 million.
New ownership structure
DMG Group is controlled by Kakhi Zhordania, son of businesswoman Maka Asatiani. Asatiani owns the Mercedes-Benz dealership ‘Aka’ and holds a controlling stake in Black Sea Petroleum which is developing an oil refinery project in Kulevi.
The assets were previously owned by former Member of Parliament Marika Verulashvili. Prior to September 2025, Laguna Vere and the former Silk Factory belonged to Bidzina Ivanishvili’s Cartu Foundation after which ownership transferred to Neo City Development.
Strategic location and development plans
With this acquisition, DMG Group strengthens its presence in the area. The company already owns an adjacent land plot on Kostava Street where it is currently developing a five-star Hilton hotel.
It remains unclear whether DMG Group will proceed with Neo City Development’s original plan to construct two high-rise towers, 40 and 52 stories, on Heroes Square. The proposed project carried an estimated investment value of at least $200 million but has yet to secure a construction permit from the Tbilisi Architecture Service.
