Home > Latest News > Sale Of Key Ministry Building Delayed

Sale Of Key Ministry Building Delayed

December 27, 2012 Leave a comment Go to comments

The government announced on Thursday that it has annulled the controversial sale of a historic building in central Yerevan that houses the Armenian ministries of foreign affairs, energy and local government.

The building was sold to a little-known private firm reportedly owned by Argentine-Armenian businessman Eduardo Eurnekian. Under the $51.7 million deal approved by the government on October 4, the Tango company was due to construct a new office building for these and two other ministries by September 2015. The government was to pay for the construction with proceeds from the sale.

The government also announced at the time that Tango will turn the structure containing 14,000 square meters of office space and land into a five-start hotel that will become part of an “internationally renowned hotel chain.

Armenian News

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