Project description
and objectives:
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The proposed project is a direct equity investment into GTC Real Estate
Investments Ukraine B.V. (GTC Ukraine) alongside Globe Trade Centre S.A..
Jointly, an initial amount of up to USD 100 million will be invested in the
development and operation of international standard office, retail and
residential real estate projects in Kiev and other major Ukrainian cities.
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Transition impact:
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Strong demonstration effect by introducing new property formats in Ukrainian
cities, some of which are still dominated by old-stile administrative
buildings, street markets and relatively small retail shopping facilities.
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Promoting competition in the property sector by supporting the entry of
strategic investors into the Ukrainian market, both directly, by financing GTC
Ukraine and indirectly by introducing international standards of office,
retail and residential real estate development.
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Facilitation of professional know-how and skills transfer to the local
development and property management sectors, which will in turn stimulate
greater efficiency in the Ukrainian property sector.
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The client:
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GTC Real Estate Investments Ukraine B.V. is a limited liability company
incorporated under Dutch law with the purpose of holding the special purpose
vehicles which in turn own the real estate assets.
Globe Trade Centre S.A. Poland, the sponsor, is a leading real estate
developer in Central and Eastern Europe and listed at the Warsaw Stock
Exchange.
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EBRD finance:
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Equity investment of up to USD 10 million.
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Total project cost:
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Up to USD 100 million equity.
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Environmental impact:
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Screened C/1. The Sponsor is an existing client, and all environmental
reporting on preceding GTC projects has been satisfactory to date. The Bank’s
environmental due diligence carried out for GTC projects in 2005 confirmed
that the Sponsor has adequate environmental risk management practices in
place. Regarding the GTC Real Estate Investments Ukraine B.V., the Sponsor
will be required to continue to implement adequate environmental risk
management procedures, ensuring that sub-projects comply with, at a minimum,
national environmental, health, safety and employment laws and standards as
well as conventions of the International Labour Organisation related to the
employment of children and young people, discrimination at work, and forced
labour.
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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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Hagai Harel, Globe Trade Centre S.A.
Tel: +48-22-60 60 770
Email: hagai.harel@gtc.com.pl
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EBRD contact:
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Milen Georgiev, Operation Leader: georgiem@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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