Dimand II



Project number:


Business sector:

Property and tourism

Notice type:


Approval date:

10 Nov 2021



PSD disclosed:

21 Sep 2021

Project Description

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.

Project Objectives

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. 

Transition Impact

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.

Client Information


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

EUR 50,000,000.00

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

EUR 357,000,000.00

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

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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