The Serbian government has entered into a controversial joint venture with a property development company owned by Donald Trump's son-in-law, Jared Kushner, to redevelop the site of Belgrade's bombed military headquarters, according to recently leaked documents.
The Secret Agreement Revealed
Serbian news magazine Radar published what appears to be a 2024 investment agreement that gives Kushner's firm, Atlantic Incubation Partners LLC, a 77.5% stake in the joint venture, while the Serbian government retains just 22.5%. The agreement, dated February 2024, was kept secret until recently becoming public knowledge.
The deal focuses on redeveloping the site of the Serbian armed forces headquarters, which was bombed by Nato in 1999 during the Kosovo war. The proposed development has already sparked protests in Belgrade's city centre, with demonstrators concerned about the project's implications.
Fast-Track Legislation and Tight Deadlines
The Serbian national assembly recently passed a special law to fast-track the development, designating it as a "project of importance for the Republic of Serbia". This legislation allows the government to bypass regulatory controls that had previously halted progress on the scheme in May.
According to the leaked agreement, Serbia faces a strict deadline of May next year to complete demolition work and prepare the site for construction. If this deadline isn't met, Kushner's company can terminate the contract "at its discretion" and demand substantial termination costs.
The Serbian state was obligated to remove the complex's protected cultural status and complete demolition to the satisfaction of Atlantic Incubation. The deal also provides for a free lease of the land for 99 years, with an option to convert the lease into full ownership.
Growing Public Opposition and Political Context
The passing of the special law has reinvigorated year-long student-led demonstrations against corruption, which initially began following the collapse of a railway station in Novi Sad. Protesters recently formed a human chain and painted a red line around the headquarters complex in an effort to stall the sell-off.
The site holds significant historical importance as both the target of Nato bombing and as the only work in Belgrade by Yugoslavia's star modernist architect, Nikola Dobrović, giving it previously protected cultural status.
The timing of this accelerated project coincides with the Serbian government under President Aleksandar Vučić seeking to improve relations with the Trump administration. This comes after Washington imposed sanctions on Serbia's national oil company NIS last month due to its majority stake being owned by Russia's Gazprom and Gazprom Neft.
Meanwhile, the Belgrade government has threatened to shut down much of the country's remaining independent media, including privately owned N1 and Nova television channels, as well as US state-owned Radio Free Europe.
The Serbian foreign ministry and Kushner's umbrella investment company, Affinity Partners, were approached for comment regarding the agreement published by Radar but have not yet responded.
