Kaluga Industrial Park



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

21 Apr 2010



PSD disclosed:

19 Feb 2010

Translated version of this PSD: Ukrainian

Project Description

The proposed project involves financing to build and operate a Class A built-to-suit industrial facility of 28,700 sq.m. near the Volkswagen plant in Kaluga Region to be let to Volkswagen and its 3 automotive parts suppliers.

Transition Impact

  • Increased competition in the Project sector
    “A-Park” will be the first Class A industrial/logistics project in the region as such premises currently do not exist in Kaluga. By providing 28,700 sq.m. of Class A space, the Project thus will materially contribute to the development of the local logistics/industrial property market. Competition will be stimulated since the existing suppliers of logistics space in the Kaluga region will be forced to either increase the quality of their services (e.g., through an upgrade of their facilities) or reduce their rental rates.

    The completion of the first Class A industrial-logistics facility in Kaluga region designed and built in accordance with international standards of best practice (including quality, environmental, health and safety standards) will also set a benchmark for future developments of modern warehouse/logistics properties in regional Russian cities.
  • Market expansion in the automotive parts suppliers’ sector
    The development of the independent automotive suppliers industry in Russia is still at a very early stage. By facilitating the entry of three of the world’s leading auto parts suppliers into the Russian market, the Project will address this structural lag in the development of automotive suppliers industry in Russia. This investment is expected to encourage other auto suppliers to follow suit with further developments projected on the site for up to 100,000 sq.m. of industrial automotive suppliers cluster.

    Therefore, through forward linkages, the Project will enable foreign automotive suppliers to enter the local retail market, where previously they had been deterred by the lack of appropriate industrial infrastructure. The Project is also expected to have a positive demonstration effect on the benefits of outsourcing – Russian car manufacturers remain vertically integrated unlike their western counterparts. Like VW, the automotive suppliers themselves are also required to source at least part of their inputs locally. VW suppliers will therefore contribute to the development of a market for domestic inputs thus creating further backward linkages into the Russian economy.
  • Transfer and dispersion of skills to local suppliers and improved business standards
    In the automotive sector, the entry of FDI is expected to improve local skills for production of components and setting standards for technical quality and transparency. These FDI inflows are a key channel to narrow the technological gap with Western Europe and a key source for the transfer of know-how, managerial, marketing and other professional skills in the Russian automotive sector, which currently lags behind the Western standards.

    The Project will employ a notable range of energy efficient technologies and practices, which are expected to be replicated in the Russian automotive and industrial/logistics sectors.


The Client

OOO A-Park, a special purpose limited liability company incorporated in Russia. The Borrower is jointly owned by a pool of private investors from Russia, Greece and Portugal who have previous experience in development of logistics parks in Russia, as well as by OAO Kaluga Regional Development Corporation founded by the government of Kaluga Region, Black Sea Trade Development Bank and EBRD.

EBRD Finance

The Bank financing will consist of a senior loan of EUR 6.7 million and an equity investment of EUR 1.8 million.
The Bank financing is in parallel with, and on the same terms as those of the Black Sea Trade Development Bank.

Project Cost

EUR 22.2 million

Environmental Impact

Screened B. The environmental due diligence included a review of the completed Environmental and Social Questionnaire, energy efficiency review and follow-up communication with the sponsor. The Bank's Environmental Specialist also carried out a site visit and met with the Developer's representatives in Kaluga. Extensive environmental due diligence was also carried out on the original Bank financed Volkswagen project which is located within the Grabtsevo Industrial Park, along with a number of annual monitoring visits. All of the reviews confirmed that the project was developed and constructed in accordance with relevant national law and there are no significant environmental issues to prevent the project's further development.

Espro's commitment to environmental and social sustainability is provided through disclosure of its E&S practices on the website. Espro Company is a member of U.S. Green Building Council international organisation and work with consultants for BREEAM certification is in progress. BREEAM (BRE Environmental Assessment Method) is the leading and most widely used environmental assessment method for buildings.

To enhance disclosure practices of E&S aspects of the Kaluga Industrial Park project, the developer will arrange local disclosure of the project E&S information to the nearest communities; publish an E&S summary of the project on the developer’s web-site http://espro.ru/, and make hard copies available at Moscow office and Kaluga site.

Technical Cooperation


Company Contact

Panenkov Evgeny
E-mail: panenkov@espro.ru
Tel. +7 (495) 797-93-53, fax +7 (495) 637-50-36


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

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Text of the PIP

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