DL Invest

Location:

Poland

Project number:

51437

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

B

Approval date:

08 Sep 2021

Status:

Disbursing

PSD disclosed:

16 Jun 2021

Project Description

Provision of a  loan of up to EUR 72 million in favour of a newly established limited liability company (the "Borrower"), incorporated in Poland, to develop and operate build-to-suit ("BTS") logistics projects (the "Sub-Projects" and taken together the "Project") in regional cities in Poland. DL Invest Group PM S.A.  (the "Client") owns 100% of the Borrower and will act as the developer of the Project.

Project Objectives

The EBRD funding will support the development and operation of the Sub-Projects. 

Transition Impact

The transition impact of the Project will come in particular from the following:

Green: The Sub-Projects will be certified under BREEAM In-use certification scheme with a minimum rating "Very Good" after the construction completion and be maintained/renewed during the whole tenure of the EBRD financing. 

Well-Governed: The Project will help the client improve corporate governance and disclosure on sustainability and climate change via the development of a formal strategy as well as associated governance, management and reporting processes to cover sustainability and climate change related issues.

Client Information

DL INVEST GROUP PM SA

DL Invest Group PM S.A. ("DL Invest" or the "Client") is a Polish real estate investor/developer with a 10+ years track record focused primarily on regional cities in Southern Poland. The existing portfolio (as of 2020YE) includes ca. 360k sqm GLA comprised of 24 completed assets, 11 assets under construction and ca. 366k sqm of land bank. 

EBRD Finance Summary

EUR 72,000,000.00

Total Project Cost

EUR 102,800,000.00

Additionality

EBRD's additionality will drive from an innovative financing structure (i.e. mezzanine financing) on commercial terms not available from other banks. Also, the Client seeks the Bank's expertise on improvements in energy and resource efficiency performance as well as sustainability and climate action strategy.

Environmental and Social Summary

Categorised B (2014 ESP).  Environmental & Social Due Diligence ("ESDD") was carried out internally & in accordance with ESD COVID-19 Procedures based on the review of the completed Corporate ESDD Questionnaire, site-specific Questionnaire,   documentation provided on the operations of the Client, as well as follow up communication with the client. The ESDD showed that the Client is in compliance with the relevant Polish environmental & social law, with adequate E&S risk management  procedures to implement the Sub-Projects in compliance with EBRD PR's.  The Sub-Projects do not include components that trigger EBRD's A categorisation. All of the Sub-Projects will be certified under BREEAM certification with a minimum rating "Very-Good" after the construction completion date. An ESAP to be agreed with the Client prior to the Board has been developed to address life and fire safety, Contractor Management and the BREEAM certification. The Client is required to ensure that each sub-project complies with EBRD PRs as well as submit an annual environmental and social report to the Bank.

The Sub-Projects are not associated with any past contamination, biodiversity, resettlement & economic displacement and cultural heritage impacts. Each Sub-Project goes through the Polish environmental approval process.  Environmental infrastructure for the construction & operations of the Sub-Projects are in place. The Bank will monitor the Project's environmental and social performance by reviewing the annual environmental and social report sand site visits, if deemed necessary.  

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Dominik Leszczynski
d.leszczynski@dlinvest.pl
+48 32 253 00 95
https://dlinvest.pl/
Ul. Wroclawska 54, 40-013 Katowice, Poland

Implementation summary


PSD last updated

23 Jul 2021

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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