Real Estate News
Uzbekistan's State Assets Management Agency launches privatization of large real estate assets
Tashkent, 1 April 2021 - The State Asset Management Agency of the Republic of Uzbekistan ("UzSAMA") announces the start of a public sale process for several major state-owned real estate assets.
Interested parties are invited to submit bids for five commercial properties in the capital city of Tashkent - a business center, a hotel complex, a home goods and appliance superstore and two downtown buildings primed for redevelopment - as well as three mountain resort complexes outside of Tashkent.
"We are committed to a fair, transparent privatization process that gets state-owned assets into private hands, where they will be operated most efficiently, garner investment and contribute to growth of the Uzbek economy," said Akmalkhon Ortikov, the Director of UzSAMA. "The real estate properties we are offering for sale are attractive assets in strong locations already functioning as operating businesses. We welcome interest from both domestic and international investors."
Poytakht Business Center, located in the heart of Tashkent, consists of a modern 14-story hotel and office complex occupying 34,592 square meters. Ichan Qal'a Hotel Complex consists of 58 guest rooms, a sports and fitness center and beautiful open-air restaurants. Malika is a 13,833 square meter home goods and appliances indoor market, currently operating with more than 120 tenants in place.
The former Republican Stock Exchange building (9,103 sq.m., 1.1 hectare plot) and Newspaper Printing Building (17,863 sq.m., 1.2 hectare plot) are both in excellent central Tashkent locations and well positioned for redevelopment.
The three resorts on offer are located in the Chimgan mountains outside of Tashkent, notable for its natural beauty and quality infrastructure. The Beldersoy Resort is set on 46.1 hectares in Chimgan, Bostanlyk district and boasts a 78-room hotel, 16 cottages, clubs, bar, restaurant, banquet hall, fitness facilities, paintball courts, conference halls for business events and helipad. The Sidzhak Resort sits on 5.4 hectares in Bostanlyk district and includes a restaurant, cinema, winter garden, bar, sauna, gyms, indoor and outdoor pools, and cottages. The Kyzyl Suv Health and Sports Complex is located in Kyzylsuv, Bostanlyk district and consists of 5.9 hectares and includes 8 cottages with a total capacity of 110 guests, a conference hall, football field and swimming pools.
Both companies and individuals are eligible to bid on the assets. Domestic and foreign bidders are eligible, with no restrictions or preferences.
Bids, including an earnest money deposit of at least 5% of the proposed purchase price, are due by 6pm on 30 April. Detailed information about the eight lots and the bidding process are available at the website of the State Assets Management Agency of the Republic of Uzbekistan.
