---
title: "Real Estate Syndication"
url: "https://legal.ge/en/service/real-estate-law-en/real-estate-syndication-en"
field: "Real Estate Law"
description: "Real estate syndication: Articles 123, 133, 150 and 178 — the LLC vehicle, the share and the shareholders' agreement. Legal.ge."
reviewed: "2026-07-09"
updated: "2026-11-04"
publisher: "legal.ge"
---

# Real Estate Syndication

> Source: legal.ge, https://legal.ge/en/service/real-estate-law-en/real-estate-syndication-en

## Real Estate Syndication — Legal Forms of Pooling Investors

Real estate syndication means combining the capital of several investors for a single real estate project — acquisition, development or reconstruction. Georgian law has no special syndication statute, so groups of investors use the corporate forms of the law on entrepreneurs: primarily the limited liability company and, for larger projects, the joint stock company. This page explains how these forms work in the syndication context and what the law determines about shares and shareholders' agreements.

The economic essence of syndication is simple: a project too large for a single investor is divided among several participants. The legal essence consists in which corporate form is chosen — it determines the participants' liability, the governance regime and the initial proportions of participation in the capital.

The full text is available on legal.ge after signing in: https://legal.ge/en/service/real-estate-law-en/real-estate-syndication-en

### In what form is real estate syndication carried out?

Through corporate forms: the limited liability company is the basic vehicle, and the joint stock company suits large projects with a broad circle of investors.

### What is the significance of the share?

The share determines a person's participation in the capital, and a partner's contribution is proportionate to the share — from this follows the balance of governance and income.

### Are investors liable for each other's obligations?

No — the limited liability company is not liable for partners' obligations, and a shareholder is not liable for the company's.

### How are governance rules unified?

Through founders' documents and, in joint stock form, a shareholders' agreement in which the company itself may also participate.