Pangaea Real Estate Investment Company

Location:

Greece

Project number:

50719

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

C

Approval date:

27 Mar 2019

Status:

Disbursing

PSD disclosed:

29 Jul 2019

Translated version of this PSD: Greek

Project Description

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.

Project Objectives

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.

Transition Impact

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.

Client Information

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

EUR 50,000,000.00

Total Project Cost

EUR 300,000,000.00

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.

Technical Cooperation

None.

Company Contact Information

Theresa Messari
tmessari@nbg.gr
+30 210 33 40 098
www.nbgpangaea.gr
6 Karagiorgi Servias, Athens 105 62, Greece

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
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Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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