A senior loan in the amount of EUR 12 million, 8 years tenor, 1 year grace period, fully amortizing loan, to finance up to 70.5% of the cost of a logistic centre to be located near Bucharest. The loan will finance and/or refinance the construction of a greenfield logistic centre with a total foot print area of approximately 37,144 sqm, located in Dragomiresti Vale.
The implementation of the project will lead to significant operational efficiencies (replacing part of the existing rented warehouses) and will support expansion of the business, especially on the online segment. The borrower will cover minimum of 29.5% of the investment project budget from its own funds.
ETI score: 68
Transition impact is expected to derive from:
The project addresses the following qualities:
1. Inclusive (Primary) to support improved trainings and skills transfer for young people in Romania;
2. Well Governed (Secondary), through a comprehensive Corporate Governance Action Plan to be implemented.
ALTEX ROMANIA SRL
The Borrower, Altex Romania SRL ("Altex"), is the leading electro-IT retailer in Romania, a market leader since 2003 with a market share of circa 30%. Altex is 100%-owned (directly and indirectly) by Romanian businessman Dan Ostahie.
EBRD Finance Summary
Total Project Cost
The Bank is additional because of its: conditionalities contributing to standards setting: the Bank is helping the client to achieve higher standards in terms of corporate governance (through the implementation of Corporate Governance Action Plan designed by the Bank) and in terms of employees skills (through the e-learning platform).
Attributes: EBRD offers a tenor (8 years) above the market average, which is necessary to structure the project.
Environmental and Social Summary
Categorised B (2014 ESP) Environmental and social issues associated with the construction and operation of a new logistics centre located in an existing commercial zone will be site specific and be avoided or mitigated through good design and management practices. A targeted Environmental and Social Action Plan has been developed to ensure the project complies with the EBRD's Environmental and Social Performance Requirements (PRs).
Environmental and social due diligence was carried out by the Environmental and Social Department and based on the review of completed questionnaires and the design and build contract. The questionnaires covered the company's corporate environmental and social arrangements including road and traffic safety and specific questions related to the proposed construction of the logistic centre. The environmental and social due diligence confirmed the company's operations are in compliance with Romanian environmental and social requirements.
Technical Cooperation and Grant Financing
Company Contact Information
0040 21 206 2000
Global City Business Park Sos. Bucuresti Nord, nr. 10, Corp O1, Voluntari, Jud. Ilfov
PSD last updated
01 Oct 2020
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Independent Project Accountability Mechanism (IPAM)
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