Convertible debt to finance the development, construction/renovation and management of a portfolio of property located in the Gdansk, Sopot and Gdynia area (the Tri-City). The project aims to support the growth of the Tri-City as a secondary centre in Poland, and to provide it with modern retail and industrial space as well as office, residential and hotel accommodation.
The project will encourage follow-on foreign investment in the Tri-City area, both directly in the property sector and indirectly through foreign businesses that will operate in the company’s commercial properties. The retail facilities will create an efficient, consumer-oriented environment.
Alpha Properties Group Ltd is a company founded by Norwegian and Polish investors to develop real estate opportunities in Poland.
EUR 9.4 million convertible debt.
US$ 80 million EUR 75 million.
This operation underwent an environmental analysis of the potential impact of the proposed development construction and operation. The company completed and returned the EBRD’s environmental due diligence questionnaire for construction projects and attached some additional information. The questionnaire was reviewed and judged to contain all the necessary information required by the Bank.
Among other things, the questionnaire confirmed that:
- all applicable construction permits and approvals have been obtained;
- the proposed development sites have no past history of contamination;
- developments will be constructed using good international practice and in compliance with relevant national and European Union environmental, health and safety requirements;
- developments will not involve any harmful or hazardous materials and will include in the design environmentally positive features, such as comprehensive heat insulation;
- the operators of the proposed development will likewise follow good international practice, thus bringing environmental benefits, such as the recycling of waste streams and the re-use, where possible, of items to reduce energy and water consumption.
The company will report to the EBRD on an annual basis on environmental and health and safety issues related to the developments.
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