RLF - Resi4Rent (housing in Poland)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Up to EUR 75 million holding level loan to R4R Poland Sp. z o.o. ("Resi4Rent", or the "Company"), a limited liability company incorporated in Poland for financing development and operation of a pipeline of apartments for rent across Poland. Up to EUR 25 million increase (the "Loan Top-Up") to the original loan of EUR 50 million (the "Original Transaction") to further support Resi4Rent in its goal to grow its portfolio to 10,000 units.

Project ID 53874

Status Disbursing

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

Company Contact Information

Rafal Ryba
rryba@r4r.pl
+48 608 577 449
https://r4r.pl/en/
ul. Litewska 1, 00-581 Warszawa, Polska

Project ID 53874

Status Disbursing

Location

Poland

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

19 Oct 2022

Disclosure date

26 Sep 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.

RLF - Resi4Rent (housing in Poland) (Polish) (PDF, 0.23MB)

Project description

Project objectives

The proceeds from the planned financing will be utilized to finance the development and operation of a portfolio of apartments for rent located across Poland in Warsaw, Krakow, Wroclaw, Gdansk, Lodz and Poznan. Currently, the Company operates in Private Rented Sector with ca. 3,300 units, and according to its business plan aims to build a platform with 10,000 operating units by 2025.

Transition impact

ETI Score:65

expected Transition Impact will contribute to the "Inclusive" and "Green" qualities. The Loan Top-Up will further enhance the Transition Impact objectives of the Original Transaction.

Inclusive Quality - The project will broaden access to housing as vital infrastructure for sustaining human capital and livelihoods among host and refugee communities alike and will address structural imbalances within the Polish housing market, with a substantial undersupply of units further exacerbated by the war on Ukraine.

Green Quality - The Bank's funds will be used to finance the development and construction of a pipeline of green buildings in Poland, and will result in Green Certification of a number of new assets at BREEAM In Use "Very Good" level. For the Loan Top-Up a proportionate increase in this target will be required.

EBRD Finance Summary

EUR 75,000,000.00

Additionality

The Bank's Additionality stems from: innovative financing structure; risk mitigation, as the financing is provided during the times of high political and economical turbulence in the region caused by the war on Ukraine; and alignment with overall additionality terms of the Resilience and Livelihoods Framework aimed at supporting Ukraine and other affected countries.

Environmental & Social Summary

Categorised B (2019 ESP). The key E&S risks and impacts are associated with the construction and operation of 6,600 additional residential flats for rent countrywide are readily identifiable and can be mitigated through relevant environmental and social risk management.

The Environmental and Social due diligence (ESDD) has been undertaken by ESD and included an assessment of the Company's capacity as well as their management systems and procedures. Information provided by the Company indicated compliance with national and EU environmental, health and safety and labour requirements, as well as sufficient capacity to manage the project in line with EBRD requirements. Given that the relevant legal requirements in Poland are aligned with the EU standards, the risks related to the operation of these assets are limited. The Company partner's, Echo Investment, responsible for property development, and Griffin Capital Partners, responsible for operation of the assets, are large companies with broad experience in the sector. Both partners have implemented relevant management systems to control E&S impacts addressing inter alia, labour management, worker and community health and safety during construction works, GBVH, life and fire safety issues, energy efficiency, stakeholder engagement, and land acquisition. The latter had worked with EBRD on past projects and improved their E&S procedures through timely and satisfactory implementation of an Environmental and Social Action Plan (ESAP).

An ESAP has been developed to maintain compliance with the Performance Requirements. Specific actions include completing audits for life and fire safety of residential assets upon completion of new buildings and commitment to BREEAM certification. For the Loan Top-Up a proportionate increase in the certification target will be required. The Bank will monitor the Project's environmental and social performance through a review of an annual report and site visits as required.

Technical Cooperation and Grant Financing

Not applicable.

Company Contact Information

Rafal Ryba
rryba@r4r.pl
+48 608 577 449
https://r4r.pl/en/
ul. Litewska 1, 00-581 Warszawa, Polska

PSD last updated

06 Jun 2023

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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RLF - Resi4Rent (housing in Poland)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

EBRD Finance Summary

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)