Nepi Rockcastle first bond issue (former project Peny

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD has subscribed EUR 50 million into a EUR 500 million Eurobond first issuance by NE Property Cooperatief U.A. (the "Issuer") and guaranteed by NEPI Rockcastle Plc, under a larger bond Euro medium-term note ("EMTN") programme. The bond is listed on the Irish Stock Exchange and on the Bucharest Stock Exchange.

Project ID 49558

Status Complete

Location

Romania

Business Sector

Real Estate

Notice Type

Private

Project timeline

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

Company Contact Information

Mirela Covasa
mirela.covasa@nepirockcastle.com
+4 021 232 1398
www.nepirockcastle.com
301 311 Barbu Vacarescu St, 3rd floor, Bucharest 2, 020276, Romania

Project ID 49558

Status Complete

Location

Romania

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

01 Nov 2017

Disclosure date

30 Jan 2018

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

PENY Eurobond (Romanian) (PDF, 0.14MB)

Project description

Project objectives

The proceeds from the bond issue will be used to fund NEPI Rockcastle's projects under development and new acquisitions, with a focus on retail properties located in the wider CEE region, both in capital and regional cities.

Transition impact

ETI Score:58

ain transition impact for this project is expected to be "green" and derives from the Issuer's commitment to continue to comply with good international practices related to environment, to apply for a green In-Use building certification for new acquisitions and developments, to be documented by international green certification (BREEAM or LEED) issued by independent accredited professionals for a large number of the assets financed with the bond proceeds resulting from EBRD's subscription.

Also, the listing of the bond on the Bucharest Stock Exchange supports the deepening of the capital market in Romania.

Client information

NE PROPERTY BV

NEPI Rockcastle is focused on acquiring, developing and managing retail assets in CEE. The Issuer, incorporated in Netherlands, is owned by NEPI Rockcastle Plc , a public limited liability company incorporated in the Isle of Man and listed on the Johannesburg Stock Exchange ("JSE") and Euronext Amsterdam ("Euronext").

EBRD Finance Summary

EUR 175,000,000.00

EBRD invested EUR 50 million in the first bond issue under the EMTN programme and obtained delegation of approval for additional investment in the next bond issues within the EMTN programme envisaged.

Total project cost

EUR 1,450,000,000.00

For the total EMTN programme.

Environmental & Social Summary

Categorized B (2014 ESP). Given the capital market nature of the Project, the Environmental & Social Due Diligence (ESDD) for the Project was based on the review of the publicly available information. The ESDD showed that NEPI Rockcastle is in compliance with the relevant law as well as is publicly committed to environmental sustainability through various actions including up-grade of acquired assets and development in compliance with the best international standards, documented by BREEAM or LEED certification for several of its buildings. The Group has adequate environmental and social risk management capacities and policies in place to ensure that the Project complies with EBRD's PRs.

The ESDD also revealed the Issuer public commitment to sustainability, equal and non-discriminatory treatment of the employees, community engagement, resource efficiency and increased number of BREEAM certified buildings. NEPI Rockcastle obtained BREEAM Very Good or Excellent certification for over 15 of its larger assets in Romania. Under the Project, NEPI Rockcastle is committed to pursue sustainability in a systematic manner across the portfolio and aims to increase the number of assets in its portfolio with green certification. The ESDD also confirmed the Group's legal compliance and it is in process of implementing and obtaining the ISO 14001: 2015 certificates.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Mirela Covasa
mirela.covasa@nepirockcastle.com
+4 021 232 1398
www.nepirockcastle.com
301 311 Barbu Vacarescu St, 3rd floor, Bucharest 2, 020276, Romania

Implementation summary

The proceeds from the bond issue were used to fund NEPI Rockcastle's projects under development and new acquisitions, with a focus on retail properties located in the wider CEE region, both in capital and regional cities. The listing of the bond on the Bucharest Stock Exchange supported the deepening of the capital market in Romania. NEPI Rockcastle committed to pursue sustainability in a systematic manner across the portfolio and to increase the number of assets in its portfolio with green certification.

PSD last updated

25 Aug 2020

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

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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Nepi Rockcastle first bond issue (former project Peny

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

Implementation summary

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)