Serbia to terminate contract with Jared Kushner's company for Belgrade luxury complex

The Serbian government is moving to formally terminate a contract with Atlantic Incubation Partners LLC, a company owned by Jared Kushner, regarding a luxury development at the Generalštab site in Belgrade. Aleksandra Sofronijević, the Minister of Construction, Transport, and Infrastructure in a technical mandate, stated that the government reached a conclusion in August 2026 to end the agreement. According to a report by the Belgrade weekly Vreme, the formalization of this termination is expected to be completed by the beginning of next week.

The Investment Agreement and Project Scope

The partnership between the Republic of Serbia and Atlantic Incubation Partners LLC was established through an Investment Agreement signed in May 2024. This agreement outlined a joint venture in which the US-based partner would hold a 77.5% stake, while the Republic of Serbia would hold a 22.5% stake. The project was intended to involve the construction of a luxury business-residential complex at the site of the Generalštab building, a structure that was bombed in 1999 during NATO attacks on the FR Yugoslavia.

As part of the original agreement, the Serbian government was required to remove the cultural heritage designation from the Generalštab complex. This removal of cultural heritage protection was carried out by the Serbian government in November 2024. The termination process currently underway includes a draft agreement stating that all potential claims between the contracting parties will cease once the process is complete.

Ongoing Legal Proceedings

The project has been the subject of legal scrutiny. The Prosecution for Organized Crime has accused several officials of violating legal procedures regarding cultural heritage protection to facilitate the construction of the complex. A legal proceeding is currently ongoing in the Special Court involving several former officials. The accused individuals include former Minister of Culture Nikola Selaković, former State Secretary Slavica Jelača, former acting director of the Republic Institute for the Protection of Cultural Monuments Goran Vasić, and former acting director of the Belgrade Institute Aleksandar Ivanović. The accused individuals denied their guilt at the start of the trial.

In recent developments, Goran Vasić failed to appear at a postponed trial related to the Generalštab case. Dragan Palibrk, the defense attorney for Goran Vasić, stated that the hysteria surrounding the case likely worsened the health of Goran Vasić.

Glossary

• Belgrade — Belgrade is the capital and largest city of Serbia. It is located at the confluence of the Sava and Danube rivers.
• Generalštab — The Generalštab is a building that was bombed in 1999 during NATO attacks on the FR Yugoslavia. It is the site of a luxury development project involving a partnership between the Republic of Serbia and Atlantic Incubation Partners LLC.
• FR Yugoslavia — The FR Yugoslavia was a federation restricted to the republics of Serbia and Montenegro. It became closely associated with breakaway Serb republics during the Yugoslav Wars.
• Special Court — The Special Court is a judicial body where legal proceedings are conducted. It is currently involved in an ongoing legal proceeding involving several former officials.