Project Keystone



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

20 Jun 2018



PSD disclosed:

20 Dec 2018

Translated version of this PSD: Hungarian | Slovak

Project Description

The Bank participated in an equity investment of EUR 28.6 million in favour of Keystone CEE SCSp ("Keystone" or the "Company"), a special limited partnership incorporated in Luxembourg. Keystone owns an existing portfolio of prime operating office assets and development land plots in Central and Eastern Europe ("CEE"). The prime development land plots will be developed into prime Class A office buildings, increasing the operating leasable area of the portfolio, whereas secondary land plots will be sold to private investors.

Project Objectives

The Bank's financing will be used to fund the acquisition and development of the portfolio assets located in Hungary, Slovak Republic and Croatia.

Transition Impact

The expected Transition Impact will contribute to the "Green" and "Inclusive" qualities.

Green: commitment to achieve sustainability certifications for portfolio assets.

Inclusive: implementation of a training programme through its management team and by setting up cooperation with local education institutions.

Client Information


Keystone is a newly established entity for the purpose of acquiring a portfolio of prime operating office assets and development land plots in CEE. Keystone is managed by affiliates of Revetas Capital Advisors LLP ("Revetas"), a specialist real estate investment advisor focusing on the CEE region.

EBRD Finance Summary

EUR 28.6 million.

Total Project Cost

EUR 350 million.

Environmental and Social Summary

Categorized B (ESP 2014). The environmental and social issues associated with the equity investment in the Company are site specific and can be addressed through standard mitigation measures. Environmental and social due diligence (ESDD) of the Company, carried out by ESD, has demonstrated that it is in compliance with relevant national laws and have adequate environmental and social risk management capacities to carry out the Project in compliance with EBRD Performance Requirements (PRs). An Environmental and Social Action Plan (ESAP) was developed and agreed with the Company and was included as part of the legal agreements to address planning and management of E&S issues, contractor management and grievance mechanism for contractors, OHS of contractors, outstanding environmental and construction permits and stakeholder engagement. The Company is required to ensure that all operations under the Bank's equity investment are structured to comply with the PRs, as well as submit an annual environmental and social report to the Bank.

The ESDD has been based on the review of the completed corporate questionnaire, property specific questionnaire, documents supplied by the Company and telephone interviews. The ESDD showed that the Company's on-going activities are in line with EU legislation and there were no significant environmental issues associated with their current operations. Three assets in the Company's portfolio are BREEAM certified "Very Good". The Company will aim to attain, at least BREEAM "Very good" or above for future developments as well as the operating assets that are not currently certified. Given the EU legal environment, portfolio and green strategy, the Project's environmental and social risk is limited. The Bank will continue to monitor the client's environmental and social performance by reviewing the annual environmental and social reports and carrying out site visits if deemed necessary. The first annual environmental and social report is due next year.

Technical Cooperation

Inclusion TC will be provided under the Economic Inclusion Technical Assistance Framework (TCRS 1256). TC value is estimated at EUR 75,000 and it will focus on (i) the facilitation of partnerships between the Company and partner universities/colleges (ii) development of sustainable building management modules, and (iii) implementation support.

Company Contact Information

Revetas project enquiries:
+44 203 931 42 97

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

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Text of the PIP

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