Expert Capital Retail



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

09 Oct 2007



PSD disclosed:

03 Sep 2007

Project Description

The proposed Project will finance the design, development, construction, ownership and operation of three shopping centres located in the cities of Kiev, Krivoy Rog and Simferopol.

O’Key, a hypermarket chain, will be an anchor tenant in all three centres. Other tenants will include a DIY chain as well as various local and international retailers.

With the development of three modern shopping centres the Project contributes to address the current undersupply of modern retail space in Ukraine.

Transition Impact

The Project transition impact will derive from the following key areas:

(i) Effective provision of a new retail (shopping mall) format to secondary Ukrainian cities, most of which are still dominated by old-style retail facilities and open markets.

(ii) Improvement of modern business standards through transparent procurement of land for the Project, tendering of all the major contracts, adopting efficient international standard construction practices (including environmental, health and safety standards), introducing IT-based supply chain management.

(iii) The Bank’s involvement will also assist in mobilising long-term debt funding for the Project.

The Client

The Clients/Borrowers are three Special Purpose Companies (SPCs) incorporated in Ukraine, each owning and operating a shopping centre.

The Borrowers are subsidiaries of Panorama Group Ltd., a Ukrainian holding company wholly owned by Expert Capital S.A. a property developer registered in Luxembourg. The properties will be managed by Expert Capital Management OÜ.

EBRD Finance

EBRD will provide a senior loan of up to USD 139.3 million, of which at least USD 69.7 million will be syndicated to commercial banks under an A/B loan structure.

Project Cost

Total project costs amount to USD 163.9 million.

Environmental Impact

Screening category and justification

Screened B/0 requiring an environmental analysis. Environmental impact associated with the proposed project can be readily identified and mitigated by adequate measures.

Due diligence undertaken and outcomes

The due diligence including the Bank Staff’s site visit confirmed that the three sub- project sites are not contaminated and are fitted for the purposes. The Project has been developed to date in accordance with Ukrainian environmental requirements as well as good international practice.

Implementation requirements

Going forward the Bank will require Expert Capital S.A. to ensure that at the respective sites, the environmental action plan (EAP) is implemented, national and EU environmental, health, safety and labour standards and requirements are met and an Annual Environmental Report is provided to the Bank. The Bank will monitor the project by a review of an Annual Environmental Report and monitoring visit where necessary and adequate.

Technical Cooperation


Company Contact

Raul Parusk
Expert Capital Management OÜ
Tartu mnt 2
10145 Tallinn
Phone + 372 666 59 40



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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