The company will develop, construct, let and manage a programme of modern international standard warehouse projects to be located in Romania.
Project objectives: The proceeds of the senior loan and the equity investment will be utilised to develop and construct a programme of international standard warehouse projects, relieving the severe shortage of modern warehousing facilities in Romania.
The project will contribute to improving the efficiency in the supply chain through the use of modern warehousing and logistical systems, thus lowering the cost of logistics and increasing competition in the finished goods sector.
Italian-Romanian Industrial Development Enterprise (IRIDE) is a special-purpose property development company established in Romania by the Italian developer BPD Property Development S.r.l. IRIDE will be the first property development company in Romania to focus on developing light industrial and ancillary office facilities, primarily for large international companies manufacturing, assembling or distributing products in Romania.
The EBRD will provide a senior loan of US$ 9.0 million (ECU 7.7 million) to IRIDE and will make an equity investment in the company of US$ 2.4 million (ECU 2.1 million). A US$ 9.0 million (ECU 7.7 million) B loan will be syndicated to commercial banks.
US$ 36.0 million (ECU 30.8 million)
The project was screened B/0, requiring an environmental analysis of the impact associated with the construction, equipment and operation of the warehouse and industrial buildings. The analysis highlighted the following issues.
To meet high standards of environmental, health and safety and to reduce environmental impact during the construction phase, the project will adopt the highest Western standards. Noise and dust levels will be kept to a minimum level.
Construction will be undertaken in accordance with Romanian and EU worker health and safety legal requirements and standards. Environmental due diligence, including soil and groundwater testing, will be undertaken at all sites by specialist environmental consultants. The development will comply with all local fire, safety and emergency procedures. Energy conservation measures will form a major part of the project. Increased traffic to the warehouse is not expected to create any problems, and traffic surveys will be conducted for major sites. There will be no environmentally damaging materials or substances (asbestos, formaldehyde, oil-cooled transformers etc.) used in the construction.
The sponsor will provide the Bank with an Annual Environmental Report documenting, among other things, any environmental issues, such as incidences of non-compliance, and updating the Bank on environmental initiatives taken by the project.
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