Project Description
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.
Project Objectives
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.
Transition Impact
ETI score: 67
1) Well-Governed: The Company will implement several improvements across targeted dimensions of corporate climate governance, including in the areas of i) governance and accountability, ii) strategy, iii) risk management and iv) reporting metrics and targets.
2) Green: The Project will contribute to the decarbonisation of the building sector in Romania, as the Company commits to certifying all of the assets financed by EBRD with the EDGE certification.
Client Information
WAREHOUSES DE PAUW NV
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
EUR 150,000,000.00
Total Project Cost
EUR 737,000,000.00
Additionality
Additionality in this project stems from the financing structure, climate governance risk mitigation as well as from EBRD's expertise in energy and resource efficiency, allowing the Company to reach higher standards.
Environmental and Social Summary
Categorised B under the 2019 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 ESD staff, was based on the review of the completed ESDD Questionnaire, the Company's group-level official 2021 annual corporate social responsibility report and their statement on commitment to a sound working environment as well as follow up with the client. The ESDD showed that the client 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 Performance Requirements (PRs), a concise Environmental and Social Action Plan (ESAP) has been developed and agreed with the client. The client 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 that 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 analyses 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 2021. 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 does not involve hazardous waste production. 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
n/a
Company Contact Information
Charlotte de Troyer
charlotte.detroyer@wdp.eu
+32 (0)52 338 400
www.wdp.eu
Blakebergen 15
1861 Wolvertem
Belgium
PSD last updated
02 Nov 2022
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.
