WARESCO - EXTENSION OF FACILITY

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 4111

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 4111

Status Complete

Location

Poland

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

20 May 1997

Disclosure date

22 Apr 1997

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

Extension of the Sienna Centre, an international-standard office development in central Warsaw, Poland.

The proceeds of this proposed loan increase will be used to construct an additional 2,400 square metres of office space in a building connected to the Sienna Centre, thereby completing the company's original project concept.

Transition Impact

The project will help to relieve the acute shortage of good-quality, international-standard commercial property in Warsaw, and to promote inward investment as well as support the development of the local market economy. The EBRD's debt financing of the project and the participation of a foreign commercial bank will also contribute to increasing the "comfort" of commercial banks in funding commercial property developments in Poland.

The Client

The client, Waresco Sp. z o.o., is a single-purpose Polish limited liability company established in 1996 to construct and operate a modern office development, the Sienna Centre, in Warsaw, Poland. The company is majority owned by Madinco s.a., a Belgian limited liability company formed for the purpose of undertaking property development in Poland. Madinco s.a. is controlled by the Buelens Group and by Compagnie Immobilière de Belgique, both Belgian companies with extensive experience in property development and investment.

EBRD Finance

The EBRD will increase its existing senior loan by providing an additional US$ 2.6 million (ECU 2.2 million). US$ 1.3 million (ECU 1.1 million) of the senior loan extension will be for the account of the Bank, with the balance being for the account of the original participant in the project, Générale de Banque. The original total financing requirements for the project amounted to US$ 34.1 million (ECU 28.8 million), with the Bank providing a total of US$ 9.0 million (ECU 7.83 million) in senior and senior subordinated loans.

Project Cost

US$ 4.4 million (ECU 3.7 million).

Environmental Impact

The project has been screened B/0, requiring an environmental analysis of the proposed development. The analysis, which was based on the information provided by the project sponsor, examined the environmental efficiency of the design of the building, the nature of the technology and construction materials used, environmental impacts associated with construction and environmental considerations during the operation of the building. On the basis of the environmental analysis, the following positive environmental features will form part of the project:

Key mitigation measures in the project

Legal compliance: Construction will be undertaken in accordance with Polish and UK worker health and safety legal requirements and standards. Environmental permits, licences and approvals have been received from a number of local authorities, including the Regional Environmental Department. Planning permission has been obtained, including all technical approvals.

Fire safety: The development will comply with all local fire, safety and emergency procedures. Sprinklers will be installed throughout according to authorities' requirements.

Safety features: The latest developments in installation and safety techniques will be applied to the complex.

Energy efficiency: Energy conservation measures will form a major part of the project along with the provision of clean air filtration systems, insulation and centralised heat regulation systems.

Lighting: Lighting will be installed to a very high standard and the building will have full climatic comfort.

Noise: Appropriate measures to reduce noise emissions, particularly from cooling plants, will be taken to ensure minimal noise disturbance to surrounding buildings and houses.

Global Issues: Ozone-depleting substances will not be used.

Hazardous substances: No environmentally damaging materials or substances (asbestos, formaldehyde, oil-cooled transformers etc.) will be used in the construction.

Environmental standards: To meet high standards of environmental, health and safety and to reduce environmental impacts during the construction phase, the Sienna Centre will adopt Western standards and practice. Noise and dust levels will be kept to a minimum level and a contact person assigned to handle any public complaints.

Technical Cooperation

None

Company Contact

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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