LANDMARK I (NEPTUN)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 28962

Status Complete

Location

Azerbaijan

Business Sector

Real Estate

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 28962

Status Complete

Location

Azerbaijan

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

11 Nov 2003

Disclosure date

12 Sep 2003

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The proposed project will enable the client to complete and viably operate an ex-brownfield site redevelopment of class A office development. Specifically, the Project will provide funds for reorganisation of the company's capital structure, acquisition finance, and refurbishment/tenant improvement and completion.

Transition Impact

The project is expected to achieve demonstration effects through long term maturity of the senior project financing. It is expected to foster linkages between local service providers and the oil and gas industry, implement western standards of corporate governance and reporting, and improve the availability of modern Class A office buildings to meet the demand for quality office space in the under-developed local market.

The Client

Muduroglu Limited, a building and civil engineering firm, involved in construction (schools, medical faculty, hospitals, hotels, apartment blocks), and civil engineering works (power station, drainage works, pipeline, roads, steel towers, slipways), currently focusing on Azerbaijan office market.

EBRD Finance

Up to US$ 10 million

Project Cost

Up to US$ 10 million

Environmental Impact

The Project was screened C/1 requiring an Environmental Audit. Key issues addressed as part of the Bank's environmental due diligence included the adequacy of the borrower's environmental procedures for the development and operation of the office space, potential risks associated with the previous use of the site, soil and groundwater contamination, potential impacts arising from construction (noise, dust, traffic disturbance, site waste management and worker health and safety), the environmental efficiency of the design of the buildings and the site, as well as environmental considerations during the operation of the buildings (fire and other safety systems, waste disposal arrangements, parking space and traffic issues).

The environmental due diligence confirmed that the project sites comply with, at minimum, national environmental, health and safety legal requirements and that there are unlikely to be any significant environmental issues associated with the project. The Sponsor will ensure that all construction work and operation is conducted in accordance with national and EU environmental, health and safety standards, and that the proposed operation complies with national and local public consultation requirements. The Sponsor will have to submit annual environmental reports to the Bank.

Technical Cooperation

None.

Company Contact

c/o Mihael Jeklic, Property and Tourism team, EBRD
e-mail: jeklicm@ebrd.com

Transition impact

ETI Score:40

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

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

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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