Adventum Penta Co-Investment

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Up to EUR 50.0 million equity investment in Adventum Penta Co-Investment SCSp (the "Company"), a closed-end limited partnership to be incorporated in Luxembourg to co-invest with Adventum Penta Fund SCA SICAV-RAIF (the "Fund") in acquiring and operating commercial real estate, including mix-used and retail assets, in Central and Eastern Europe ("CEE").

Project ID 52967

Status Signed

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

Company Contact Information

Kristóf BÁRÁNY
kristof.barany@adventum.hu
+3612669441
https://adventum.hu/en/

Project ID 52967

Status Signed

Location

Regional

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

06 Apr 2022

Disclosure date

11 Apr 2022

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.

Adventum Penta Co-Investment (Hungarian) (PDF, 0.63MB)

Project description

Project objectives

The Bank's participation will be used towards the acquisition of two portfolio assets, Sky Tower located in Poland, and a chain of grocery-anchored retail parks (the "Retail Portfolio") located in Hungary and Czech Republic, with potential follow-on investments in Slovak Republic and other CEE markets.

Transition impact

ETI Score:66

expected Transition Impact will contribute to the "Green" and "Well-Governed" qualities.

Green: The Company will adopt an ESG strategy to systematically assess, manage and report on its sustainability achievements. EBRD participation will be allocated towards green assets, with Sky Tower envisaged to achieve green certification of at least BREEAM "Very Good" (or equivalent), and with the assets in the Retail Portfolio to either achieve BREEAM "Very Good" certification or 30% energy savings.

Well-Governed: The Company will report annually on the environmental and sustainability performance of its portfolio in a specific sustainability section of the regular reports and in line with industry standards on sustainability reporting.

Client information

ADVENTUM PENTA FUND SCA SICAF-RAIF

Adventum Penta Co-Investment SCSp is an entity to be established in Luxembourg for the purpose of co-investing with the Fund in a portfolio of operating commercial real estate in CEE. Adventum Penta Co-Investment SCSp will be managed by affiliates of Adventum Investment Fund Management Ltd ("Adventum"), a specialist real estate investment group focusing on the CEE region.

EBRD Finance Summary

EUR 50,000,000.00

Total project cost

EUR 250,000,000.00

Additionality

The additionality stems from (i) supporting a Hungarian-based fund manager expand further into the CEE region and the development of the local private equity market, and (ii) guiding the client in the preparation and adoption of an ESG policy, as well as in defining the sustainability criteria. While CEE markets have attracted significant investment over the last few years, the private equity market and the pool of experienced fund managers operating in CEE is still very limited.

Environmental & Social Summary

Categorised FI (ESP 2019). The ESDD has confirmed that Adventum has relevant capacity and systems to comply with the Performance Requirements 2, 4 and 9 and implement the EBRD's Environmental and Social Risk Management Procedures for Active Equity Funds and submit annual environmental and social reports to the Bank. The review of the Co-Investment Portfolio highlighted the need to agree a number of actions in regards to Life and Fire safety and these are covenanted under Environmental and Social Management Plan (ESMP). Aligned with the "Management Approach for Solar Supply Chain Risk Management" explicit prevailing E&S safeguards are considered under ESMP and the client was advised to use whenever possible solar panels included in the "Green Technology Selector" (GTS). The EBRD GTS is an open list of pre-approved small-scale technologies, which can be used as a screening tool. In association with OCCO, companies/suppliers with credible links to forced labour allegations in solar PV supply chains are temporarily not accessible via the EBRD Green Technology Selector.

Technical Cooperation and Grant Financing

Not applicable

Company Contact Information

Kristóf BÁRÁNY
kristof.barany@adventum.hu
+3612669441
https://adventum.hu/en/

PSD last updated

19 Apr 2022

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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Adventum Penta Co-Investment

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

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)