CTP Green Bond

Location:

Regional

Project number:

52668

Business sector:

Property and tourism

Notice type:

Private

Approval date:

13 May 2021

Status:

Signed

PSD disclosed:

24 Jun 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

EBRD subscribed to a EUR 42.5 million investment as part of the EUR 500 million Green Eurobond placement by CTP N.V. (the "issuer"). CTP is one of the largest European full service industrial and logistics property owner and developer, listed on Euronext Amsterdam. The bond has a maturity of 8 years and is listed on Euronext Dublin. 

Project Objectives

The proceeds from the EBRD's investment will be used to finance the development and acquisition of sustainable industrial parks in Romania, Slovak Republic, Hungary, Serbia and Poland.

Transition Impact

ETI score: 67

The transition impact is expected to come from: (i) the "Green" quality as the EBRD proceeds will be used to finance the expansion of the company's portfolio in logistics and light industrial buildings with the internationally recognised building certification scheme BREEAM ("Very Good" level or higher). The project will also enhance the company's sustainability strategy and contribute to the development of comprehensive climate and environmental sustainability disclosures at corporate level; and (ii) the "Inclusive" quality will enhance access to skills and employment for young women and men through the development of a training and dual learning programme that has replicable effects in other countries of EBRD operations. CTP will contribute to the EBRD's new policy engagement on market-led skills development programme that is to be piloted in Romania. 

Client Information

CTP NV

CTP N.V. is one of Europe's top full-service companies that owns and develops prime industrial and logistics property assets with a portfolio comprising of 100 premium business industrial parks in key logistics hubs, primarily operating in the CEE region. The Company has a 22-year track record of profitable growth and is incorporated and listed in the Netherlands.

EBRD Finance Summary

EUR 167,500,000.00

Total Project Cost

EUR 3,943,000,064.00

Additionality

The Bank is additional in the project as it contributes to improving the company's standards both in the area of economic inclusion and sustainability.

Environmental and Social Summary

The project has been Categorised C in accordance with the 2019 Environmental & Social Policy (ESP). As the project is a capital market transaction Environmental and Social Due Diligence was carried out by review of publically available information and disclosures made by the Company within MNPI rules. ESDD focused on the Green Bond Framework of the Company and associated corporate level policies.  The Company's Green Bond Framework has been subject to independent review and the resulting report confirms that the Framework is aligned with the Green Bond Principles, 2018. Furthermore, the report confirms that the categories for investment of Bond proceeds would advance the UN Sustainable Development Goals, specifically SDG 7 and 11. The Company will report the allocation of proceeds on its website on an annual basis until full allocation. The allocation reporting will include the total amount of proceeds allocated, the share of new financing and refinancing, the number of projects and level of certification, and the balance of unallocated proceeds. In addition, the Company plans to report on relevant ESG impact metrics which is aligned with good international practice. Overall, the risks associated with the Bond participation are low. An Environmental and Social Action Plan (ESAP) has been proposed and signed and the Bank will monitor the project through review of annual reports.

Technical Cooperation and Grant Financing

TC will be provisioned from the Bank's Special Shareholder Fund (SSF) for a new policy dialogue engagement that supports enhancement of sector wide skills, with significant contribution from the Company to be provided for development of the training programme for young professionals.  

Company Contact Information

Jan Post Evert
jan.evert.post@ctp.eu
+31 6 150 387 29
www.CTP.eu
Purkyňova 2121/3, 110 00, Praha, Czech Republic

PSD last updated

25 Jun 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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