Key insights
- The Trump Organization plans to build a skyscraper in Tbilisi, Georgia. While seemingly isolated, the deal raises concerns about potential conflicts of interest and ethical considerations, which could indirectly impact investor sentiment towards US markets, particularly if governance issues become a broader theme.
April 18 (Reuters) - The Trump Organization and its partners plan to build a new skyscraper in Tbilisi, Georgia, the Wall Street Journal reported on Saturday.
The 70-story building, "Trump Tower Tbilisi", will be a mixed-use project that would be the tallest building in the capital of Georgia, the report said, citing a representative of the Trump Organization’s partners on the project.
Reuters could not verify the report. The Trump Organization did not respond to a Reuters request for comment.
In February, the Trump Organization signed a similar deal to build its first tower in Australia, in a project worth A$1.5 billion ($1.07 billion)
The Tbilisi tower would include luxury residences, retail and hotel-style amenities, the report said.
It is being designed by the architecture firm Gensler and backed by a consortium that includes Georgia real-estate firm Archi Group and Biograpi Living, which is part of a Georgian conglomerate, according to the WSJ.
Trump’s family business, known as the Trump Organization, announced in January the president’s investments, assets and business interests would be held in a trust managed by his children and he would play no role in day-to-day operations or decision-making.
As a beneficiary of the trust controlling the Trump Organization, Trump will have access to the income generated by these ventures when he leaves office.
($1 = 1.3955 Australian dollars)