Project description
and objectives:
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The proposed project considers creation of a Polish on-shore closed-end
property fund, to be managed by BPH TFI, a Fund Management Company. The Fund’s
objective will be to pursue long-term equity gains through investment in
medium size real estate including office, warehousing and retail in Poland and
possibly in other Central and Eastern European Countries. The Fund will be
publicly traded on the secondary market of Warsaw Stock Exchange (“WSE”),
subject to WSE’s acceptance.
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Transition impact:
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The Bank’s investment in the Fund would support creation of an on-shore listed
vehicle denominated in the local currency that shall provide the domestic
institutional and individual investors with the possibility to invest in real
estate. The project will also contribute to creation of secondary market for
quality real estate projects developed in Poland. The Bank’s involvement will
ensure creation of a market standard for this still new instrument in the
market.
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The client:
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BPH TFI, a Fund management company established in 1998, 61% owned by Bank BPH
S.A. (through a 100% owned special purpose vehicle, BPH PBK Fund Management)
and 39% by Capital Invest (100% owned by Bank Austria Creditanstalt AG). BPH
Bank is majority owned by HVB Group.
BPH TFI creates and manages investment funds for retail and institutional
clients in Poland. The funds invest the entrusted resources in financial
instruments on the capital and money markets. As of 31 March 2005 the volume
of assets allocated in 12 of the BPH TFI’s funds was approximately Euro 360
million.
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EBRD finance:
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The lesser of PLN 58.2 million (Euro 13.2 million) and 15% of the Fund,
subject to the final size of the Fund and minimum closing amount.
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Total project cost:
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Up to PLN 388 million (approximately Euro 93 million equivalent).
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Environmental impact:
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Screened FI.
The Fund will be required to implement the Bank’s Environmental Procedures for
Property Development and Acquisition Funds to conduct environmental due
diligence and monitoring of each sub-project, to ensure that each sub-project
complies with relevant national and EU environmental, health and safety
standard and requirements and to submit annual report on environmental, health
and safety issues 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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Mr. Rafal Mania, Chief Executive Officer
BPH TFI S.A.
Warsaw
Financial Center
53 Emilii Plater Str.
00-113 Warsaw, Poland
phone: +48-22-520-9799
fax: +48-22-520-9798
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EBRD contact:
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Jolanta Gabriel, Operation Leader: gabrielj@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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