Project description
and objectives:
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The project involves financing of a retail and entertainment complex with a gross build up area of 72,000 sq m. and gross letting area of 26,369 sq m. located 2 km south from the centre of Chisinau.
The Chisinau Shopping Mall has been developed, constructed, and is owned and operated by Lemi Invest SRL, which is co-owned by Summa AS and Colonnafin (jointly the ‘Sponsors’). The shopping mall is leased to reputable international and local tenants, many of which are already tenants in one of the Sponsor’s Bucharest shopping malls, which is developed and operated by Anchor Group SA.
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Transition impact:
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The project transition impact will derive from the following key areas:
- The project has a significant demonstration effect by introducing new standards in the retail and entertainment sectors, as the shopping mall will be the first large scale retail development of Western quality standard in Moldova.
- The project is likely to increase the competition in the retail market by increasing the quality of services to consumers, and changing the market structure by offering a wide variety of goods and services through a combination of local and international retailers.
- The project is likely to transfer skills to local sub-contractors who will need to build a shopping and entertainment centre of international standards.
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The client:
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Lemi Invest SRL, a special purpose company established under Moldovan law, which is equally co-owned by Summa AS and Colonnafin BV. The latter is a Dutch Holding Company of which 90% is owned by Mr Husnu Ozyegin and 10% by Mr Tunc Capa.
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EBRD finance:
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EBRD will provide senior debt of 44.8 million euros, equally distributed over an A- and B-loan.
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Total project cost:
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EUR 56 million.
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Environmental impact:
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1. Screening category and justification
B/1. requiring a site audit and an environmental analysis. The project could involve some specific environmental issues which can be readily addressed.
2. Due diligence undertaken and outcomes
The environmental due diligence including the review of the completed Environmental Questionnaire for Property Project and follow-up communications to date confirm that there are not any significant environmental issues to prevent the project to be further developed and the site is suitable for the project purpose: the soil test was carried out on the site, and there are no soil contamination on the site; the geological survey did not identify any significant issues; the required zoning, planning and building permissions have been obtained; waste water from the project will be discharged to the municipal sewerage systems and treated in the city’s waste water treatment plant; construction materials containing harmful substances such as asbestos and formaldehyde will not be used for the project; and some positive energy efficiency features such as automatic control of air-handling units, boilers, and cooling will be implemented. A site visit by the Bank’s environmental staff is underway to confirm environmental and social mitigation measures are adequately in place.
3. Implementation requirements
An Environmental Action Plan (EAP) should be developed and agreed for the project in order to ensure the implementation of adequate mitigation measures. The project will be required to comply with national and EU environmental, health and safety standards and requirements, implement an EAP and submit an Annual Environmental Report to the Bank. The Bank will monitor the project’s environmental performance during the life of the project through a review of the Annual Environmental Report as well as monitoring visit where necessary and adequate.
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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 Ali Capa
Anchor Grup S.A.
Anchor Plaza Office Building 12th Floor
26Z Timisoara Blvd.
Bucharest 6
061331, Romania
tel: +40 21 407 84 38
fax: +40 21 319 50 51
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EBRD contact:
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Tomasz Bartos, Operation Leader: bartost@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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