417.15 EUR 
Edifice of Armenian Foreign Affairs Ministry to be sold to Tango for $51.2 mln
YEREVAN, March 5. /ARKA/. The building of Armenia’s Ministry of Foreign Affairs will be sold to Tango company for USD 51, 270, 840, Margarit Sargsyan, spokeswoman for Government’s State Real Property Management Department, told ARKA agency Tuesday.
Tango company is owned by Argentinean businessman of Armenian descent Eduardo Eurnekian.
She clarified the contract with Tango will be signed on April 30.
Last October 4, the government had given green light to selling the building to Tango Company for $51.271 million.
Earlier last year the Kempinski Group of Hotels said it signed a contract to manage a five-star hotel in Yerevan that would be housed in the foreign ministry building. It said the five-star hotel will offer 150 spacious and elegantly decorated rooms and suites.
Later, the government decided to hold an auction due to the big public interest to the deal. It was also agreed upon that in case the lot is not sold at the auction, the government will sell it to Tango company.
The scheduled for March 5 auction failed as no buyers showed up.
The building was built in the 1940's. Its total space is 14,000 square meters. The government says the buyer must commit to invest as much as required to remodel the building into a five-star hotel by preserving its historical and cultural appearance.
Eduardo Eurnekian owns Armenia International Airports, which operates the Yerevan Zvartnots airport. He also produces agricultural products and shares in Conversebank. -0
15:26 05.03.2013
