Marbleton Property Fund

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 36220

Status Complete

Location

Regional

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 36220

Status Complete

Location

Regional

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

13 Dec 2005

Disclosure date

11 Nov 2005

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 is an equity investment of up to USD 40 million or 20% of the total capital of the Fund. The Fund will invest in institutional quality property developments and income-producing real estate assets predominantly in Moscow, St. Petersburg, and Kiev. Investments in other CIS countries and regional centres will also be considered. The target portfolio is a well-diversified mix of office, retail, industrial, residential – and to a limited extent – hotel assets.

Transition Impact

The Fund will help promote the development of institutional grade properties.
In part thanks to EBRD’s participation, the setting up of the Fund will help introduce new investors to the CIS real estate market
The Fund will foster knowledge and skills transfer. JER Partners’ (“JER”) outstanding experience and high standards will be replicated in the real estate asset management sector in the CIS countries. JER’s and Alfa Capital Partners’ (“ACP”) joint management of the Fund’s operations will help demonstrate the importance of gathering an experienced team with extensive track record and local market knowledge.

The Client

A special purpose vehicle, organised under the laws of the Cayman Islands, managed jointly by JER and ACP. JER is a reputable real estate private equity company, managing funds in the United States and Europe with a cumulative capital of USD 2 billion. ACP is a Russian private equity and real estate investment firm affiliated with the Alfa Group, one of Russia’s largest financial and industrial groups. JER and Alfa will jointly invest USD 20 million in the Fund. The residual amount of up to USD 180 million will be contributed by institutional investors from Europe, North America, the Middle East as well as by EBRD.

EBRD Finance

20% of the Fund’s total equity up to USD 40 million.

Project Cost

Up to USD 200 million.

Environmental Impact

Screened FI.

Due diligence has confirmed that the Fund Manager has the necessary commitment and experience to implement the Bank’s environmental requirements. The Fund will be required to implement the Bank’s Environmental Procedures for Property Funds across all its operations 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 standards and requirements and to submit annual reports on environmental, health and safety issues to the Bank.

Technical Cooperation

None.

Company Contact

Jonathan Hodnett
JER Partners
Berkeley Square House
Berkeley Square
London W1J 6BY

Richard Sobel
Alfa Capital Partners
7/2 Staraya Basmannaya
Moscow 105064

Transition impact

ETI Score:60

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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