Armenian government annuls sale of Yerevan's landmark arena

PanARMENIAN.Net - The Karen Demirchyan Sport and Concert Complex will be signed off to Armenia’s state property agency, Prime Minister Hovik Abrahamyan said Thursday, February 11 at a regular Cabinet meeting, ARKA reports.

The complex is now in the jurisdiction of the Defense Ministry, and the premier finds it reasonable to sign off the stocks of the complex to the state property agency.

“I think this decision will be more productive,” he said. “The draft decision will be presented at the government’s next session.”

Armenian government decided Thursday to terminate the deal approved on August 13, 2015 to sell the Karen Demirchyan Sport and Concert Complex to NTA Investment Group CJSC for $30 million.

Deputy Defense Minister Ara Nazaryan said that the government declared the deal invalid, ceasing the process of alienation of the property of the complex in view of the new owner’s failure to pay for the acquired property.

The contract did not come into force, since it was to be validated only after the entire sum was paid, NTA Investment Group, however, failing to do so.

Under the contract, NTA Investment Group LLC was set to implement a major investment project with a total value of over $100 million. The investment project was scheduled to be implemented within 4 years: the complex had to be renovated and turned into a family-oriented center, the first of its kind not only in Armenia, but also in the region. The complex was to include hotels, indoor waterpark, concert halls, meeting rooms, restaurants, shops and a casino.

Built in 1983 in Yerevan, the building of the complex is considered to be one of the architectural masterpieces of the late Soviet epoch. It covers a total of 46,300 square meters.

The decision to sell the building sparked public outcry and experts’ criticism, and the intention to build a casino on this territory was taken as immoral.