Arka BZ WBK Property Market Fund II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 37877

Status Complete

Location

Poland

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 37877

Status Complete

Location

Poland

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

04 Sep 2007

Disclosure date

03 Aug 2007

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 consist of establishing a Polish on-shore closed-end property fund, to be managed by BZ WBK AIB TFI, a Fund Management Company.

The Fund’s objective is to pursue long-term equity gains through investing in complete office, retail and warehouse real estate as well as is property development and re-development projects, all located in the Region (defined as Bulgaria, Croatia, the Czech Republic, Hungary, Estonia, Latvia, Lithuania, Romania, Russia, the Slovak Republic and Ukraine).

The Fund will be publicly traded on the secondary market of Warsaw Stock Exchange (WSE) subject to WSE acceptance.

Transition Impact

The transaction will be the Bank’s second investment into a real estate fund managed by the Manager. The transaction will support the local management team’s expansion of operations in Poland and other CEE countries. Upon successful establishment of the fund, the local management group of ARKA II will become a pioneer of regional property market player. The success of the fund will therefore provide a strong demonstration signal for potential investors and provide a base for activity of the market followers.

Moreover the Fund will provide domestic institutional investors (including pension funds) with the possibility to invest in a regulated vehicle investing in the regional real estate market.

The Operation will also contribute to the further development of primary and secondary market for quality medium size real estate projects.

The Client

BZ WBK AIB TFI, a Fund management company, established in 1998. The sole shareholder of this entity is BZ WBK AIB Asset Management S.A. and the indirect shareholders are BZ WBK S.A. (the fifth largest Polish bank) and Allied Irish Bank.

BZ WBK AIB TFI creates and manages investment funds for retail and institutional clients in Poland. As of 30 June 2007 the net asset value of the funds under management exceeded PLN 22.4 billion (EUR 5.9 billion). This places the Manager in the second place in terms of NAV under management in Poland with a market share of approx. 16%.

In July 2004, the Bank invested in the first property fund of BZ WBK TFI - Arka Property Fund, which is now fully invested.

EBRD Finance

The EBRD’s commitment would be up to the Euro 23.2 million equivalent (or up to 15% of the Fund), subject to the size of the Fund.

Project Cost

Approximately EUR 155 million equivalent.

Environmental Impact

The Fund will have to adhere by the Bank’s Environmental Procedures for Property Development and Acquisition Funds, which require, among other things, adherence to the Bank’s Environmental Exclusion and Referral List and compliance of property projects with, at a minimum, national standards for environment, health and safety. The Fund will be required to prepare an annual environmental report.

Technical Cooperation

None.

Company Contact

Mr. Krzysztof Samotij, President of the Management Board
Investment Advisor
BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A.
Pl. Wolnosci 15
60-967 Poznan

Tel: +48-61-855 7322
Fax: +48-61-855 7321

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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