Project summary document

Project description
and objectives:

The EBRD together with the sponsor will invest up to €300 million to create a regional portfolio of 15 to 20 property assets under the name of Europolis. Europolis will seek long-term capital appreciation by investing directly and indirectly in equity interests in commercial real estate properties in central and eastern Europe.

Programme objectives:

Development, expansion and further diversification of a regional real estate portfolio by :

• Regional diversification to countries including the Baltic states, Bulgaria, Croatia, Slovenia, Romania
• Diversification of activities into new development projects.
• Diversification to other subsectors of the real estate market, such as business parks, distribution, warehousing, retail and leisure.

The investments will be for the purpose of developing, renovating, reconstructing, acquiring, owning/managing commercial real estate in Baltic states, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovenia and Slovakia.

Transition impact:

Support of development of a more liquid secondary property market on a regional scale. A mature secondary market will eventually lead to the acceptance of local property as an asset class and the entrance of non-specialist investors seeking to diversify portfolios and encourage primary investors to move further east to the early and intermediate countries.

The client:

Investkredit Bank AG, an Austrian commercial bank specialised in medium and long term financing to corporate customers and public institutions. Investkredit Bank AG is listed on the Vienna stock exchange.

EBRD finance:

Commitment to invest up to €105 million in equity and quasi-equity instruments.

Total project cost:

Environmental impact:

The project was screened C/O. The Environmental Analysis confirmed that all projects of Europolis will comply with, at minimum, national environmental, health and safety legal requirements of the country where they are located as well as relevant EU standards and requirements. The sponsor and management company will ensure following:

• all construction work will be conducted in accordance with national and EU environmental, health and safety standards and requirements;

• all applicable environmental permits will be received or applied for from the relevant authorities in due course;

• the sponsor will ensure that contractors are provided with all necessary information to enable to manage the risks posed to health during construction;

• the development will comply with all local fire, safety and emergency procedures. Sprinklers will be installed throughout according to authorities' requirements. The latest developments in installation/safety techniques will be applied to the complex.

• energy conservation measures will form a part of the project along with the provision of clean air filtration systems.

• no environmentally damaging materials or substances, (asbestos, formaldehyde, oil-cooled transformers etc.), will be used in the construction.

• impact of the development on the local economy, (e.g. impacts on local small business), will be taken into account.

Technical
cooperation:

None.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company contact:

EBRD contact:

Thibault Dutreix, Operation Leader: dutreixt@ebrd.com

Business opportunities:

For business opportunities or procurement, contact the client company.

General enquiries:

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com