Project description
and objectives:
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EBRD together with the Sponsor and third party investor (s) to invest up to
€300 million in equity to create a regional portfolio of 15 to 20 property
assets (‘Sub-Projects’) under the name of E2. E2 will seek long-term capital
gains by investing in commercial real estate across a wide range of the Bank’s
Countries of Operation. The investments will be for the purpose of developing,
renovating, reconstructing, acquiring, owning/managing commercial real estate
in Romania, Bulgaria, Croatia, Serbia & Montenegro, Bosnia Herzegovina,
Macedonia, Ukraine, Russia, and capital cities and regional centres of the EU
new member countries in Central Europe.
Objectives of the investment programme
Promotion of the primary and in particular the secondary property markets
across the Region :
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Targeting inter alia less developed property markets including such as markets
in Serbia & Montenegro, Bosnia Herzegovina, Macedonia, Ukraine and Russia.
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Allocating capital to regional centres
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Targeting third party investor(s) to join
The Investment Programme will be governed by a clear set of Investment
Guidelines including inter alia regional diversification criteria.
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Transition impact:
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Support the development of a more liquid secondary property market on a
regional scale and primary markets in less developed regions. 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 developer’s primary investors to move
further east to the early and intermediate countries.
Promotion of less developed primary property markets to improve supply of
quality commercial space in these markets.
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The client:
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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.
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EBRD finance:
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Commitment to invest up to €75 million in equity and quasi-equity instruments.
The Bank’s participation will be weighted to over-proportionally support
Sub-Projects in less developed property markets.
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Total project cost:
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€ 300 million in equity and quasi-equity instruments.
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Environmental impact:
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The project was screened C/0.
The Sponsor has been implementing the formal environmental due diligence
procedures based on EBRD’s Environmental Procedures for Property Funds and
agreed with the Bank under the Europolis 1 to review environmental issues of
each sub-project including potential contamination of the site,
construction-related environmental issues (noise, dust, traffic disturbance)
and worker health and safety issues, safety of construction materials and life
and fire safety issues of the building, as well as has been submitting annual
environmental reports to the Bank.
Under E2, the Sponsor will continue to implement the environmental due
diligence procedures which ensures that the Sponsor conducts its property
development investment with full respect of environmental issues including
compliance, at minimum, with national environmental, health and safety
standards and requirements, national public consultation requirements where
the sub-project is located and implementation of good international practice
applied by Western property developers as well as submission of an annual
environmental report to the Bank.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Europolis Real Estate Asset Management GmbH
Kolingasse 12,
1090 Vienna,
Austria
Tel: +43 (1) 319 72 00
Fax: +43 (1) 319 72 00 - 10
Website: www.europolis.at
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EBRD contact:
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Thibault Dutreix, Operation Leader: dutreixt@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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