Famous Sports and Concert Complex in Yerevan put up for sale

Famous Sports and Concert Complex in Yerevan put up for sale

YEREVAN, May 20. /ARKA/. The famous Sports and Concert Complex after Karen Demirchyan in Yerevan is put up for sale.

According to auction website of the bailiff service, original lot price was 19.35 billion drams (46.8 million dollars) yesterday. The auction is expected to continue till May 29.

Total area of the Complex is 46,335.7 square meters, without additional premises and the swimming pool. There are 95,595.87 square meters of dwelling area in the territory. The lot is secured property.

The owners of the Complex were alleged several years ago to have taken a $20 million loan on the security of 75% of the stock.

The Sports and Concert Complex after Karen Demirchyan was built in 1983. In October 2005, the Complex was sold to BAMO Russian construction holding for $5.7 million. The holding obliged to reconstruct the complex. The reconstruction took almost three years and cost about $42 million.
The Sports and Concert Complex after Demirchyan is considered a masterpiece of the late Soviet architecture. –0—

12:44 20.05.2014

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