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.
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.
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.
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
Total Project Cost
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
Company Contact Information
Charlotte de Troyer
+32 (0)52 338 400
Blakebergen 15 1861 Wolvertem Belgium
PSD last updated
02 Nov 2022
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Environmental and Social Policy (ESP)
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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 email@example.com to get guidance and more information on IPAM and how to submit a request.