The European Bank for Reconstruction and Development ("EBRD") invested EUR 20 million in a 7-year EUR 230 million green bond (the "Green Bond") issued by Lamda Development SA ("Lamda" or the "Company"). The Green Bond is listed on the Athens Stock Exchange and the Company's Green Bond Framework is aligned with the International Capital Market Association's ("ICMA") Green Bond Principles ("GBP"). The transaction marks the first green bond issued by the Company.
The proceeds of the Green Bond will be allocated exclusively to green investments, as defined in the Company's Green Bond Framework, in the following categories: (i) investments in sustainable buildings and sustainable urban landscapes, (ii) investments in green energy and (iii) investments in smart technologies.
An amount equivalent to the EBRD investment will be used to finance the development of new green certified assets of at least LEED "Gold" or BREEAM "Very Good" level.
ETI score: 60
The project has been presented under the Greek Corporate Bonds Framework III (BDS20-098) and thus its transition impact relates to contributing to the development and long-term financial viability of the Greek debt capital markets, under the "Resilient" quality, while improving transparency and disclosures, including on corporate climate governance with the Green Bond being in line with ICMA GBP, under the "Well governed" quality.
LAMDA DEVELOPMENT SA
Lamda is a leading Greek real estate developer specialised in the development, investment and management of real estate assets. Lamda's existing investment portfolio comprises 3 retail centres with gross leasable area of 157k sqm as well as smaller investments in other real estate assets. The Company is also the owner of the Ellinikon project, the largest regeneration project in Greece, which aims to transform the former Athens International Airport into a sustainable and fully integrated commercial, residential and hospitality area available to the public.
EBRD Finance Summary
Total Project Cost
The Bank's participation is additional as it contributes to (i) risk mitigation, as it sends a confirming signal towards the re-opening of the domestic debt capital markets, whose activity was halted in 2022 due to the global instability, (ii) an innovative instrument, as it supports an innovative green finance instrument integrating climate and environmental considerations of urban regeneration and (iii) standard setting, as it encourages Lamda to achieve higher level building certifications.
Environmental and Social Summary
Categorised B (ESP 2019). This is a capital market transaction with an existing equity client. A Strategic Environmental Impact Assessment (SEIA) was conducted for the masterplan and an Environmental Impact Assessment (EIA) meeting national laws was undertaken for the site preparation and infrastructure work. In 2019, Environmental and Social Due Diligence (ESDD) for that project was undertaken by an independent consultant and EBRD's ESD, and an Environmental and Social Action Plan (ESAP) was agreed with the client. The ESAP focused on conducting appropriate E&S assessment of sub-projects as well as developing and implementing appropriate policies, plans, systems and capacities in order to manage project EHSS aspects, and all provisions have been sufficiently implemented. The Company will continue to comply with EBRD's Performance Requirements, continue to implement the ESAP, and submit Annual Environmental and Social Reports to the Bank.
The project is considered Paris aligned, as it will meet the green building certification criteria for mitigation and will integrate climate resilience measures into project design to address identified climate adaptation vulnerabilities. The project is consistent with the GET approach and the GET share is 100%.
Technical Cooperation and Grant Financing
Company Contact Information
+30 210 7450600
+30 210 7450645
LAMDA Development S.A. 37A Kifissias Ave. (Golden Hall) 151 23 Maroussi, Greece
PSD last updated
26 Jul 2022
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the 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.