NEPI Rockcastle green loan EUR 250 million

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

EBRD extended an 8-year, senior, unsecured bilateral green loan of EUR 250 million to NE Property BV to finance eligible green projects, with a focus on sustainability upgrades and expansion of existing green retail buildings and sustainable new developments of primarily retail assets, in the Bank's Countries of Operations ("COOs") in Central, Southern and Eastern Europe ("CSEE") particularly in Romania, Bulgaria, Poland and Hungary.

Project ID 56539

Status Signed

Location

Regional

Industry 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

Carina Juganaru
office@nepirockcastle.com
+40 21 232 13 98
https://nepirockcastle.com/
Building A, 5th floor, 169A Calea Floreasca, Bucharest 1, 014459

Project ID 56539

Status Signed

Location

Regional

Industry Sector

Real Estate

Notice Type

Private

Environmental Category

Approval Date

14 May 2026

Disclosure date

10 Aug 2026

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.

Project Description

Project Objectives

The loan will finance eligible green projects as defined under NEPI Rockcastle's existing Green Finance Framework, that is aligned with ICMA Green Bond Principles and LMA Green Loan Principles as confirmed by a Second Party Opinion from ISS Corporate Solutions.

Transition Impact

ETI score: 64

All eligible green projects will meet the eligibility criteria set out in NEPI Rockcastle's Green Finance Framework, such as (i) in case of construction of new buildings, BREEAM Excellent or above (or equivalent) or with an energy demand of at least NZEB-10%, (ii) in case of refurbished existing buildings, BREEAM Excellent or above (or equivalent) or at least 30% energy savings compared to the pre-refurbished building, or two grade improvements in EPC, and (iii) in case of acquisition and ownership of buildings, BREEAM Excellent or above (or equivalent) or EPC Class A for buildings built before 31 December 2020, or within the top 15% the national or regional building stock, based on operational energy demand for buildings built after 31 December 2020. Moreover, NEPI Rockcastle has set new target in 2025 implementing UK Net Zero Carbon Buildings Standard for its new developments which is innovative in the market and is advancing the decarbonization standards in the EBRD's COOs.

NEPI Rockcastle will also deliver a multi-year, role-based upskilling program for over 300 employees to address the increasing gaps in digital and AI, cybersecurity, technical, and green skills, reflecting the rapid digitalisation of real estate operations and the group's transition towards data-driven, more sustainable asset management across a multi-country platform.

Client Information

NE PROPERTY BV

NE Property BV (the "Borrower") is a private company with limited liability incorporated in The Netherlands which serves as the Group's principal financing and treasury entity and owns the locally incorporated special purpose companies holding individual assets in the portfolio. The Borrower is wholly owned by NEPI Rockcastle N.V. ("NEPI Rockcastle" or the "Guarantor"), a public company limited by shares incorporated in the Netherlands. NEPI Rockcastle is the CSEE's leading retail property investment and development group and was formed in July 2017 as a result of a merger of two significant real estate investors and operators in the CSEE, New Europe Property Investments and Rockcastle Global Real Estate.

EBRD Finance Summary

EUR 250,000,000.00

Total Project Cost

EUR 250,000,000.00

Additionality

The project has strong financial additionality as it (i) provides a bilateral holding-level long-term loan and large volume instrument for eligible green projects under the Green Finance Framework, complementing NEPI Rockcastle's existing capital markets and syndicated bank funding, thus helping NEPI Rockcastle to diversify its financing sources and calibrate optimally its funding structure to address its development needs; (ii) provides a green finance instrument which includes ambitious green certification levels.

Environmental and Social Summary

Categorised B (2024 ESP). The loan will be used to fund eligible green projects in the Bank's COOs in CSEE, excluding Czech Republic, with a focus on sustainability upgrades and expansion of existing green retail buildings, sustainable new developments of primarily retail assets and their associated green building capex.

The Environmental & Social Due Diligence (ESDD) for the project was based on a review of publicly available information, including the Green Finance Allocation and Impact report (2025 and 2026), NEPI Rockcastle Annual Report 2024 and the 2023 Green Finance Framework, as well as the Group's Environmental Policy (revised 2025), Sustainable Procurement Policy and Safety Guidelines. An on-line meeting with the client has also been held as part of the ESDD. The ESDD showed that NEPI Rockcastle is publicly committed to sustainability, equal and non-discriminatory treatment of its employees, community engagement, resource efficiency and increased number of BREEAM certified buildings. In line with its strategic directions, the Group continued its commitment to maintain a BREEAM-certified retail and office portfolio and planned significant investment in on and off-site renewable electricity production that started in 2022, continued in the following years to 2025 and will be carried forward into 2026 and beyond.

NEPI Rockcastle's Environmental Policy reflects environmental management practice, covering inter alia regular maintenance programs and preventive pollution-control measures across the portfolio. NEPI Rockcastle conducts Environmental Impact Assessments prior to each new development project in accordance with applicable local laws (when required by such laws), with a focus on minimizing its risk of impact to protected areas with endangered species although most of the buildings are located in urban contexts. In 2024, the Group decreased its Scope 1 and 2 GHG emission intensity per sqm (market-based) by 25% compared to 2023 baseline, driven mainly by increased renewable energy sourcing and production across its portfolio. NEPI Rockcastle manages occupational health and safety risks through a series of internal procedures and measures, including safety audits by independent companies. A Code of Ethical Conduct is in place and covers equal employment and non-discrimination, environmental compliance, health, safety and labour conditions, and prohibition of any type of harassment. Employees' grievances can be raised through dedicated communication channels. Under the ESAP, NEPI Rockcastle will collect and report HSE statistics from contractors during construction works and require corrective actions as necessary. The People Engagement Survey conducted in 2024 has shown further increase in satisfaction and has reached a remarkable result of 85% across the firm vs 82% in 2023, while for senior management level it reached 94% vs 91% in 2023. NEPI Rockcastle has adequate environmental and social risk management capacities and policies in place to ensure that the Project complies with EBRD's ESRs. Minor adjustments are needed and are captured in the Environmental and Social Action Plan (ESAP).

Green assessments

The project is determined aligned with the mitigation and adaptation goals of the Paris Agreement based on the application of the EBRD's Paris alignment approach for directly financed investments.

The project is aligned with the mitigation goals of the Paris Agreement as it features on the joint-MDB aligned list under the category "Buildings and Public Installations". The project is aligned with the adaptation goals of the Paris Agreement as there are no materially relevant physical climate risks and does not contravene national policies for adaptation or the climate resilience of the wider system.

100% of the EBRD financing is classified as green finance, as it supports activities to achieve climate mitigation objectives. The attribution is made in line with the methodology to determine the green finance attribution of EBRD investments, and specific guidance for Buildings.

Technical Cooperation and Grant Financing

n/a

Company Contact Information

Carina Juganaru
office@nepirockcastle.com
+40 21 232 13 98
https://nepirockcastle.com/
Building A, 5th floor, 169A Calea Floreasca, Bucharest 1, 014459

PSD Last Updated

10 Aug 2026

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 green loan EUR 250 million

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

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)