VGP Parks



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

16 Dec 2020



PSD disclosed:

15 Apr 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

EBRD invested EUR 66.7 million as part of an inaugural EUR 600 million green bond issuance of VGP NV (the "issuer"), a pan-European developer and owner of industrial real estate assets. The bond has a maturity of 8 years and is listed on the Luxembourg Stock Exchange (EuroMTF).

Project Objectives

The proceeds from the Bank's investment will be used by the issuer to fund the development of sustainable industrial parks in Romania, Slovak Republic, Hungary and Latvia.

Transition Impact

ETI score: 66

The transition impact is expected to come from: (i) the "Green" quality as all the buildings funded by EBRD proceeds will receive the internationally-recognised building certification BREEAM (at least "Very Good" level) and VGP will implement a highly impactful and comprehensive decarbonisation strategy; and (ii) the "Inclusive" quality as VGP will enhance access to skills and employment for youth through the development of a corporate-level training programme.

Client Information


VGP NV develops, owns, operates and manages high-end logistic facilities in 12 European countries, mainly through three 50/50 joint venture vehicles with Allianz Group. The company is incorporated in Belgium and listed on Euronext Brussels and the main market of the Prague Stock Exchange.

EBRD Finance Summary

EUR 67,000,000.00

Total Project Cost

EUR 600,000,000.00


The Bank is additional in the project as it contributes to improving the company's standards both in the area of economic inclusion and sustainability.

Environmental and Social Summary

Categorised B in line with the EBRD's 2019 Environmental and Social Policy (ESP). The development of sustainable industrial parks in Romania, Slovakia, Hungary and Latvia may be related to environmental and social impacts, but these are likely to be site specific and can be managed through adherence to relevant planning process and application of good practice during construction and operation. The Environmental and Social Due Diligence (ESDD) was undertaken by EBRD's Environment & Sustainability Department (ESD) in line with the COVID-19 approach and consisted of a review of the E&S corporate questionnaire and some follow-up engagement with the Company's Management. Due to the corporate bond issuance, the ESDD was focused on the Company's ESS capacity and management systems, it did not include however a review of individual sites planned for development under the bond issuance.

The ESDD concluded that the Company has adequate environmental, health and safety (H&S) standards and labour capacity with specialists assigned at country and HQ level. It is the Company's policy to acquire private land for investments with relevant planning permits in place and the planning process is verified by in-house or external legal counsel. The Company is committed to achieving BREEAM Very Good at design and construction phase in all their assets (since January 2020). The Company works with repeated reputable design and construction companies, which are obliged to hold ISO 14001, ISO 40000 and ISO9001 certification, following VPG Code of Conduct and H&S management systems requirements. Contractors' performance is being reviewed against BREEAM construction requirements and corporate H&S standards. Each county office has an internal team of engineers and EHS professionals who perform regular (weekly) inspections at each active construction site. The Company engages third party experts to, among other technical checks, verify design and project implementation against national and international fire safety standards. The Company publishes an annual Corporate Sustainability Report and benchmarks its E7S performance against the UN Sustainable Development Goals (SDGs). Through close operation with NABU (largest German environmental NGO), the Company is involved in many biodiversity conservation initiatives committing 1-2% of its annual profits. An Environmental and Social Action Plan (ESAP) has been proposed and signed to cover grievance mechanism for contractors (including at construction sites) and local communities. The Bank will monitor the project through review of Annual E&S reports.

Technical Cooperation and Grant Financing

TC support for this operation will be provided by the Green Innovation Programme for EU countries under the Horizon 2020 Facility, with significant contribution by the Company. 

Company Contact Information

Martijn Vlutters
+32 (0) 3 289 14 33
Uitbreidingstraat 72 B-2600 Antwerp (Berchem) Belgium

PSD last updated

15 Apr 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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