YEREVAN. – Karen Demirchyan Sports and Concert Complex of Armenia’s capital city Yerevan has been handed over to the state, and it will be transferred to the Ministry of Defense (MOD).
The respective decision was made at Thursday’s Cabinet session.
The 46,300-square-meter complex was offered for sale at mandatory auctions, and due to its outstanding debt to the state budget and judicial dues.
But no buyer was found after several auctions, and even when the starting price was reduced.
The Sports and Concert Complex will be given to the MOD at a balance value of 10,400,000,000 drams (approx. $25,446,235).