Translated version of this PSD: Greek
Provision of a EUR 50 million loan in favour of NBG Pangaea REIC ("Pangaea" or the "Company"), the largest real estate investment company (REIC) in Greece, to be used for funding new real estate investments. The EBRD loan is complemented by a EUR 250 million loan from the National Bank of Greece ("NBG") which will be primarily used for balance sheet restructuring.
The Project supports the long-term growth of Pangaea by providing funding for new investments and supporting Pangaea's sustainable business development, while promoting its strategic focus on sustainability in terms of built assets and management.
The Project supports the expansion of Pangaea's sustainable green investments and improves sustainability practices across the Company through the introduction of corporate level sustainability reporting. Pangaea will introduce GRESB reporting, the global environmental, social and governance benchmark for real estate assets which aims to enhance value by assessing and empowering sustainability practices. Pangaea will also deploy part of the EBRD proceeds towards investments in "Green" properties.
NBG PANGAEA REIC
Pangaea is the largest Greek REIC in terms of assets and has been listed on the Athens Stock Exchange since October 2015. As of December 2018, the Company had a portfolio of 349 commercial properties, mainly retail and office, amounting to EUR 1.8 billion across Greece (77.7%), Italy (14.6%), Cyprus (2.1%), Bulgaria (5.3%) and Romania (0.4%).
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised C (2014 ESP). Environmental and social due diligence (ESDD) carried out by ESD demonstrated that Pangaea is in compliance with relevant Greek national laws and has adequate environmental and social risk management capacities and procedures to comply with EBRD Performance Requirements (PRs), and therefore no Environmental and Social Action Plan (ESAP) is required for the Project. The Project will be required to continue to comply with PRs.
The ESDD was based on reviews of the completed corporate questionnaire, and publicly available information on Pangaea's web-site. The ESDD showed that Pangaea's on-going activities are in line with EU legislation, and there were no significant environmental issues associated with their current operations. Pangaea's portfolio, consisting of existing high-street office and retail properties, is located in EU countries. Pangaea has a dedicated technical department responsible for commissioning environmental, fire and life safety due-diligence by certified companies prior to acquisition of new properties and for monitoring of the acquired properties. Pangaea has in place written Corporate Governance Code and HR Policy and dedicated HR management for its employees. For small-scale refurbishments of its properties, Pangaea retains third-party contractors which are required to comply with national environmental, construction, OHS and labour requirements through bidding and contractor documents. Pangaea engages with its stakeholders regularly via its web-site and through other communication means. It also has established a Corporate Responsibility Programme that aims to assist vulnerable groups in remote areas in Greece and in Athens through investments in infrastructure facilities such as schools and refugee help centres.
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