Up to EUR 50 million additional commitment to Cante Holdings Ltd ("Cante" or the "JV"), an existing joint venture between the EBRD and Dimand SA ("Dimand"), increasing the overall investment amount from EUR 21.5 million to EUR 71.5 million. The JV invests in sustainable commercial real estate and hospitality projects in Greece, with a focus on office, mixed use projects and city hotels.
The JV's core activities include brownfield redevelopment, deep refurbishment and regeneration projects, addressing Greece's needs for repositioning and retrofit of existing building stock in compliance with the country's climate commitments.
ETI score: 64
The operation will be addressing the same underlying Transition Impact qualities with the original operation, i.e. Green and Well-Governed, yet reflecting additional commitments:
Green: The JV integrates sustainability, climate resilience and resource efficiency as a systematic and core element of its business strategy with the aim to control / optimise the sustainability performance of the acquired / developed assets. Investment in new pipeline assets that are all expected to achieve at least LEED "Gold" or BREEAM "Very Good" certification is a reflection of sustainability principles embedded in the JV's strategy.
Well-Governed: Introduction of GRESB reporting standards, the global ESG benchmark for real estate assets which aims to enhance and protect shareholders' value by assessing and empowering sustainability principles.
CANTE HOLDINGS LTD
Cante Holdings Ltd, a Cyprus-based 35%-65% JV between the EBRD and Arcela Investments Ltd ("Arcela"). Arcela is the sub-holding company of Dimand, a leading Greek real estate developer and construction services provider with more than 15 years of proven track record in delivering major brownfield regeneration projects.
EBRD Finance Summary
As part of the proposed equity investment, EBRD and Dimand invest capital progressively into the JV on a project by project basis and in accordance with each project's progress and needs.
Total Project Cost
Total equity contributions of up to EUR 143 million. The JV will also raise debt financing at the sub-project level for the remaining balance.
The Bank's additional equity commitment to the JV will raise the capacity of the JV to pursue new stage pipeline projects. EBRD's commitment to the partnership and the increase of its exposure towards wellistructured projects provides to the client the necessary comfort to proceed with a higher number of development projects, streamlining its financial capacity to its strong operational capacity. In addition, the Bank's presence in the structure contributes to higher level of sustainability reporting and risk management by integrating aspects such as climate and environmental, social and governance (ESG) standards and climate and ESG risk considerations.
Environmental and Social Summary
Dimand is an existing Bank client and updated Environmental and Social Due Diligence is underway.
Technical Cooperation and Grant Financing
Company Contact Information
Nikos Dimtsas, Dimand CΙO
+30 210 8774 200
37A Kifissias Av., 151 23, Maroussi, Athens, Greece
PSD last updated
21 Sep 2021
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