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The Serbian government has agreed to form a joint venture with a firm owned by Jared Kushner, the son-in-law of US President Donald Trump, to develop a residential complex and a hotel on the site of the former Yugoslav defense ministry in Belgrade, Serbian weekly Radar reported.
In May 2024, the government in Belgrade, represented by former infrastructure minister Goran Vesic, allegedly signed an investment contract with Kushner's Atlantic Incubation Partners LLC, represented by Asher Abehsera, that envisions the creation of a joint venture in which the American firm would hold 77.5% of the shares and Serbia would own the remainder, Radar reported on Thursday, citing what it called a leaked contract.
The alleged contract relates to the reconstruction of the so-called Generalstab complex in central Belgrade, a former cultural heritage site, which was severely damaged during the NATO bombing of the former Yugoslavia in 1999.
Under the terms of the contract, Serbia is said to have pledged to strip the complex of its protected status and demolish it, among other things, no later than May 2026, to allow construction to begin on site.
If Serbia fails to meet the deadline, Atlantic Incubation Partners may terminate the contract at its discretion and seek significant termination costs, Radar reported.
The land on which the Generalstab complex is located would be leased freehold to Atlantic Incubation Partners for a period of 99 years, with an option for the lease to be converted to ownership.
The Serbian government did not respond to a request for comment from SeeNews by the time this article was published. In May 2024, the infrastructure ministry in Belgrade revealed only that Vesic had signed a 99-year lease agreement with Kushner’s investment firm, Affinity Global Development, represented by Abehsera, for the “revitalization” of the Generalstab complex.
Six months later, in November 2024, the government removed the complex from the register of immovable cultural property, basing its decision on an allegedly falsified proposal by a former head of the state institute for the protection of cultural monuments, with an investigation into the matter by a local public prosecutor's office for organized crime still ongoing.
Last week, Serbia's parliament passed a special law designed to accelerate the development of the construction project in the country. The law obliges all local and state government bodies to issue acts within their jurisdiction regarding the development of the Kushner project without delay.
On Tuesday, thousands of people protested in front of the Generalstab buildings against the planned development, which has long faced opposition from locals.
According to Radar's report, Kushner's project envisages the construction of three towers, with a total maximum internal area of 280,000 gross square meters, of which 187,000 square meters will be intended for residential use, 8,500 square meters for the hotel, a museum will occupy 3,000 square meters, a commercial area will extend to 7,500 square meters and a parking lot will occupy 74,000 square meters.
In implementing the project, Affinity Global Development is collaborating with the Trump Organization conglomerate owned by Donald Trump and the Eagle Hills real estate investment firm of Arab businessman Mohamed Ali Alabbar, according to information on the Trump Belgrade website.
Kushner has said that about $500 million (430 million euros) will be invested in the project./Capital
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