RLF - Resi4Rent (housing in Poland)



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

19 Oct 2022



PSD disclosed:

26 Sep 2022

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

Up to EUR 50 million holding level loan to R4R Poland Sp. z o.o. ("Resi4Rent", or the "Company"), a limited liability company incorporated in Poland for financing development and operation of a pipeline of apartments for rent across Poland. The project is considered under the Resilience and Livelihoods Framework, a EUR 2 billion package which was adopted by the EBRD after the Russian invasion in order to support Ukraine and other affected countries. 

This project was approved in the context of the Bank's response to the Russian-led invasion of Ukrainian territory in February 2022. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of this deviation, and the Bank's response to this situation, can be found on our website.

Project Objectives

The operation will help to improve the housing situation in Poland, which was recently exacerbated by the war on Ukraine and the inflow of Ukrainian refugees to Poland.  The proceeds from the planned financing will be utilized to finance the development and operation of a portfolio of apartments for rent located across Poland in Warsaw, Krakow, Wroclaw, Gdansk, Lodz and Poznan. Currently, the Company operates in Private Rented Sector with ca. 2,450 units, and according to its business plan aims to build a platform with 10,000 operating units by 2025.  

Transition Impact

ETI score: 65

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

Inclusive Quality - The project will broaden access to housing as vital infrastructure for sustaining human capital and livelihoods among host and refugee communities alike and will address structural imbalances within the Polish housing market, with a substantial undersupply of units further exacerbated by the war on Ukraine.

Green Quality - The Bank's funds will be used to finance the development and construction of a pipeline of green buildings in Poland, and will result in Green Certification of a number of new assets at BREEAM In Use "Very Good" level.

Client Information


EBRD Finance Summary

EUR 50,000,000.00


The Bank's Additionality stems from:  innovative financing structure; risk mitigation, as the financing is provided during the times of high political and economical turbulence in the region caused by the war on Ukraine; and alignment with overall additionality terms of the Resilience and Livelihoods Framework aimed at supporting Ukraine and other affected countries. 

Environmental and Social Summary

Categorised B (2019 ESP). The key E&S risks and impacts are associated with the construction and operation of 7,700 additional residential flats for rent countrywide  are readily identifiable and can be mitigated through relevant environmental and social risk management.

The Environmental and Social due diligence (ESDD) has been undertaken by ESD and included an assessment of the Company's capacity as well as their management systems and procedures. Information provided by the Company indicated compliance with national and EU environmental, health and safety and labour requirements, as well as sufficient capacity to manage the project in line with EBRD requirements. Given that the relevant legal requirements in Poland are aligned with the EU standards, the risks related to the operation of these assets are limited. The Company partner's, Echo Investment, responsible for property development, and Griffin Capital Partners, responsible for operation of the assets, are large companies with broad experience in the sector. Both partners have implemented relevant management systems to control E&S impacts addressing inter alia, labour management, worker and community health and safety during construction works, GBVH, life and fire safety issues, energy efficiency, stakeholder engagement, and land acquisition. The latter had worked with EBRD on past projects and improved their E&S procedures through timely and satisfactory implementation of an Environmental and Social Action Plan (ESAP).

An ESAP has been developed to maintain compliance with the Performance Requirements. Specific actions include completing audits for life and fire safety of residential assets upon completion of new buildings and commitment to BREEAM certification. The Bank will monitor the Project's environmental and social performance through a review of an annual report and site visits as required.

Technical Cooperation and Grant Financing

Not applicable.

Company Contact Information

Rafal Ryba
+48 608 577 449
ul. Litewska 1, 00-581 Warszawa, Polska

PSD last updated

05 Oct 2022

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
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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