The Serbian government has entered into a joint venture with a property development firm owned by Jared Kushner, Donald Trump’s son-in-law, to build a hotel complex in Belgrade. Leaked documents reveal that Serbia must demolish existing buildings on the site by next May.
An independent Serbian magazine, Radar, published what appears to be a 2024 investment agreement, showing Kushner’s company, Atlantic Incubation Partners LLC, holds a 77.5% stake in the venture, while the Serbian government holds 22.5%. The joint company aims to redevelop the site of the former Serbian armed forces headquarters in Belgrade, which was bombed by NATO in 1999. The plan has sparked protests in the city center.
The Serbian government has not challenged the authenticity of the published documents. Although the agreement dates back to February 2024, it remained secret until last week when Serbia’s national assembly passed a special law to fast-track the development, designating it as a “project of importance for the Republic of Serbia.”
The new law allows the government to bypass regulatory controls that had halted the project in May, pending an investigation into whether documents removing the headquarters’ protected cultural status were forged.
According to the agreement published by Radar, the Serbian state is required to remove the cultural designation of the complex and complete demolition to the satisfaction of Kushner’s company. If Serbia fails to prepare the site by the May deadline, the U.S. firm can terminate the contract at its discretion and demand significant termination costs.
The deal includes a 99-year free lease on the land, with an option to convert it into full ownership.
The passage of the special law has reignited year-long, student-led anti-corruption protests, initially sparked by the collapse of a railway station in Novi Sad. This week, demonstrators formed a human chain and painted a red line around the headquarters complex to oppose the sale of the site for a planned hotel, apartments, and museum.
The site holds historic significance as the target of NATO bombing during the Kosovo war and was protected as the only work in Belgrade by Yugoslavia’s renowned modernist architect, Nikola Dobrović.
The acceleration of the Kushner project comes as the Serbian government under Aleksandar Vučić seeks to improve relations with the Trump administration. This follows U.S. sanctions on Serbia’s national oil company, NIS, due to its majority ownership by Russia’s Gazprom and Gazprom Neft. The sanctions, effective last month, have cut off crude oil supplies to NIS refineries, which are expected to deplete their reserves by the end of this month.
Amid a year of protests, the Belgrade government has threatened to shut down much of the country’s remaining independent media. On Wednesday, Information Minister Boris Bratina targeted the privately owned N1 news channel.The Nova television network and the US state-funded pro-democracy outlet Radio Free Europe, which the Trump administration sought to close, were at the center of the dispute. Bratina claimed these stations “should not be allowed to broadcast within the country,” drawing criticism from the European Commission. A spokesperson for the commission informed N1 that independent media are “a vital pillar of European democracy.”
Regarding the agreement reported by Radar, both the Serbian foreign ministry and Kushner’s investment firm, Affinity Partners, were asked for their comments.
Frequently Asked Questions
Of course Here is a list of FAQs about the reported agreement between Serbia and Jared Kushners company regarding a site in Belgrade
General Beginner Questions
1 What is the basic story here
Serbia has reportedly made a private deal with Affinity Partners an investment firm founded by Jared Kushner to redevelop the site of the former Serbian army headquarters in Belgrade
2 Who is Jared Kushner and why is he involved
Jared Kushner is the soninlaw of former US President Donald Trump He was a senior White House advisor and now runs a global investment fund Affinity Partners His involvement is notable due to his highprofile political background
3 What is the site they want to develop
The site is the location of the former Yugoslav Ministry of Defense and the Serbian Army General Staff buildings in Belgrade They were heavily damaged by NATO bombings in 1999 and have been a ruin ever since
4 Is this site historically or culturally important
Yes The site is in a protected zone due to its historical and urban significance Its located in a prestigious area of Belgrade and many citizens feel strongly about preserving its heritage and memory
Advanced Detailed Questions
5 Why is this deal controversial
The deal is controversial for several reasons
Ethics PaytoPlay Critics worry it rewards Kushner for his government role as he was involved in Balkan diplomacy while in the White House
Lack of Transparency The deal was reportedly negotiated privately bypassing a public tender process which raises questions about fairness and accountability
Developing a Protected Site Building on a historically significant and protected location is often met with public opposition from preservationists and citizens
6 What was Jared Kushners role in the Balkans while in government
As a senior advisor Kushner was involved in mediating the Washington Agreement between Kosovo and Serbia in 2020 This has led to accusations that he used his official position to later secure lucrative business deals in the region
7 What are the potential benefits for Serbia
Proponents argue the project could
Remove an eyesore and replace a decadesold ruin
Generate significant investment create jobs and boost the local economy
Modernize a prime piece of real estate in the capital city
