Provision of a long-term senior unsecured loan of up to EUR 150 million in favour of Warehouses De Pauw NV ("WDP" or the "Company"), a Belgian public limited company, to finance part of the company's development program of logistic and light industrial facilities in Romania.
The project will enable WDP to expand its portfolio of industrial and light manufacturing real estate in Romania and thus support the development of A-class sustainable industrial real estate in the country.
ETI score: 65
1) Inclusive: The project will lead to the introduction of two replicable and high quality training programmes for young people in Romania; a new pilot accredited dual education programme for students in technical universities, as well as an internship programme aimed to facilitate school-to-work transition.
2) Green: WDP will introduce a portfolio-wide sustainability management framework which comprises international sustainability certification of the EBRD financed portfolio (EDGE) and additional green measures.
WAREHOUSES DE PAUW
Warehouses De Pauw NV is the Belgian arm and holding company of Warehouses De Pauw portfolio and subsidiaries. The Company is incorporated in Belgium and listed on Euronext Brussels and Euronext Amsterdam.
EBRD Finance Summary
Total Project Cost
The Bank is additional in the project as it offers a large volume loan that fills a market gap and also contributes to improving the Company's standards both in the area of economic inclusion and sustainability.
Environmental and Social Summary
Categorised B under the 2014 ESP. Environmental and social impacts associated with the development of a logistic centre can be readily identified and addressed through appropriate mitigation measures. Environmental and Social Due Diligence (ESDD), undertaken by the Bank staff, was based on the review of the completed Environmental & Social Due Diligence (ESDD) Questionnaire, the company's group-level official 2018 annual Corporate social responsibility report and their statement on commitment to a sound working environment as well as follow up with the Company. The ESDD showed that the Company has adequate environmental and social risk management capacities and the project is not associated with significant environmental & social issues. To ensure the project's compliance with the EBRD PRs, a concise Environmental & Social Action Plan (ESAP) has been developed and agreed with the Company. WDP is required to ensure that the project complies with the EBRD PRs as well as submit an annual ES report to the Bank.
The ESDD showed the following: The company publishes a group-level annual report in line with the Global Reporting Initiative as well as the Sustainability Accounting Standards. The Company is publicly committed to sustainability and publishes analysis of their business operation in accordance with 2030 SDGs. They aim to be CO2 neutral in the medium term. Their Human Resources (HR) policies include an employee grievance mechanism and occupational, health & safety policies in line with EBRD PR2 and PR4. The Company reported that there were no material accidents at the group level in 2018. While they do not pursue environmental management accreditations, they have overarching environmental procedures and environmental managers in place. The light manufacturing component in the logistic centre of the Project is the production and assembly/packaging of parts for automobiles and air planes, which does not involve hazardous waste production. The ESAP addresses subcontractor management by incorporating environmental & social legal requirements in biding and contract documents as well as monitoring their compliance. The Bank will monitor the project's environmental & social performance by reviewing an annual ES report and site visit if deemed necessary.
Technical Cooperation and Grant Financing
TC support for this operation has been provided by the Bank's Shareholder Special Fund with significant contribution by the Company.
Company Contact Information
Mickael Van den Hauwe
+32 (0) 473 93 74 91
Blakebergen 15 1861 Wolvertem Belgium
PSD last updated
16 Jul 2020
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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. Requesters’ identities may be kept confidential, upon request.