Tuesday, 18 September

Franck Muller CEO Vartan Sirmakes to Finance "Hin Yerevan" Construction Project



Vartan Sirmakes, chairman and co-owner of luxury watch brand Franck Muller, will be financing the “Hin Yerevan” (Old Yerevan) construction project slated for downtown Yerevan that is estimated to cost between US$120-130 million.

Swiss resident Sirmakes, who was born in Istanbul, also serves as Armenia’s consul general in France (Marseille). Sirmakes is a large shareholder in ArtsakhBank. He founded and is the sole shareholder of ArmSwissBank.

Armenia’s Minister of Urban Construction yesterday signed a deal with MultiContinental Distribution, the company that will assume financing for the Hin Yerevan project to begin next year.

MultiContinental Distribution LLC, registered in London, is fully owned by Chrono Star International Participations Groupe Franck Muller S.A. according to a document filed at the Great Britain Corporate Register and located by Hetq.

Old City CJSC, a recently formed company fully owned by Vahe-Vasgen Yacoubian, will be doing the actual construction of the project.

Some 100 addresses in downtown Yerevan have been listed as eminent domain properties to be expropriated by the government.

Initially, the companies Glendale Hills and EMC were chosen by the government to do the construction, but on November 6 of this year the Armenian government proposed that the two hand over the rights to Old City. (Yacoubian also has a stake in Glendale Hills; a building and construction company).

Armenia’s Ministry of Urban Construction is responsible for drafting the blueprint of the project.


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Comments (3)
1. raf23:59 - 5 December, 2014
I know that he has done a lot in Artsakh, I just hope that the crooks in Yerevan will not turn this project into a milking cow and do with this guy what they did with so many other diaspora investors.
2. Vladimir19:41 - 17 May, 2015
It was planned initially to finish the project by the end of march 2015 and present it to the public. However there is nothing in may 2015.
3. Arthur01:21 - 21 December, 2015
Same words I would like to say and add ,to Armenian Government: PLEASE IF U R DOING NOTHING FOR OUR OWN PEOPLE,LET DO IT TO PEOPLE LIKE VARDAN . HE DID A LOT IN Artsakh as many others ,Tashir group as well.... Thanks God we have such people.
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