Coworking Platform In Tbilisi

I am advising on an off-market acquisition of a market-leading coworking platform in Tbilisi, combining a cash-generative operating business with a partially owned real estate base.

The platform has been operating since 2016 and has scaled into a multi-location network totaling approximately 9,450 sqm, including 3,600 sqm of owned property and 5,850 sqm under long-term lease agreements. The business operates over 1,000 workstations, serves 1,250+ active members, and maintains a predominantly corporate and professional client mix (~80% B2B).

The platform generated approximately USD 2.2M in revenue (2023E), demonstrating strong post-COVID recovery, with reported sales growth of 370% compared to 2019. The operating model emphasizes recurring contracts, centralized operations, and design-led differentiation.

The transaction under consideration is a 100% equity acquisition with an asking price of USD 14.5M, offering both operating cash flow and underlying real estate value. Management reports revenue yield above 21% and projected net yield of approximately 10.4% over the 2024–2026 period.

At this stage, I am qualifying a limited number of investors prior to granting access to detailed valuation and property appraisal materials, which are available under NDA only as part of a coordinated investment process.