BGEO Group PLC (the “Group” or “BGEO”), announces that the Group’s real estate subsidiary, m2 Real Estate (“m2” or “the Company”), has signed its largest ever franchise agreement as part of its “asset light” strategy. m2 will construct and develop a residential complex under the m2 brand name on a third-party land plot located on Tbilisi airport highway in a densely populated Tbilisi suburb. Under the agreement, m2 plans to develop a land plot of 99,000 square metres into 3,600 residential units with a total net sellable area of 190,000 square metres. The residential complex development will be carried out in ten phases over the course of four to five years and m2 will generate the following fees: 10% from total construction costs, 2.5% sales commissions from apartment sale revenues and 30% from the project’s overall net profit.
