D-Marin International

Location:

Regional

Project number:

49556

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

B

Approval date:

28 Mar 2018

Status:

Cancelled

PSD disclosed:

23 Feb 2018

Translated versions of this PSD: Croatian | Greek | Turkish

Project Description

Provision of an equity investment of up to EUR 70 million in D-Marinas B.V. (the "Company"), a holding company established in the Netherlands for the purpose of owning and managing 10 marinas in Turkey, Greece and Croatia, through primary subscription (capital increase) and secondary purchase of shares in the Company (the "Project").

Project Objectives

The EBRD's minority investment will help the Company to: (i) grow through new management agreements and acquisitions and (ii) increase efficiency of the existing operations.

Transition Impact

The project is expected to be one of the first sub-projects under the Bank's envisaged Inclusive Tourism Framework for the Eastern Mediterranean. The Framework's expected transition impact will focus on two main transition qualities, inclusive and competitive. Under the inclusive quality, the EBRD will support improved access to training and employment opportunities for young people and women in countries with high youth inactivity and unemployment as well as gender disproportion in equality of opportunity. Under the competitive quality, the EBRD will engage with stakeholders to support stronger backward linkages to local suppliers, notably in agribusiness. More broadly, the framework may also help to promote more diversified and sustainable tourism models that generate benefits for the local economies through employment, income and revenue opportunities.

Client information

D MARINAS BV

The Company holds ownership stakes in 10 marinas in Turkey, Croatia and Greece, representing one of the largest and the only international chain of marinas in the Eastern Mediterranean offering approximately 8,000 berths. The Company has developed its own "D-Marin" brand and is the leading international operator of marinas in the region.

EBRD Finance

EUR  70,000,000

Total Project Cost

EUR  70,000,000

Environmental and Social Summary

Categorised B (2014 ESP). The project was categorised B as the environmental and social impacts associated with the design and operation of marinas are site specific and can typically be addressed through standard and well-understood mitigation measures.  The Company has developed, and manages, a portfolio of 10 marinas in the Ionian, Aegean and Adriatic Seas servicing boats, and providing waterfront infrastructure, for recreational and touristic purposes.  Environmental and social due diligence for this project was undertaken by independent consultants and included discussions with the Company at its headquarters in Istanbul and site visits to two marinas, Turgutreis and Didim, both located in Turkey.  This process builds on the due diligence already undertaken for the Bank's existing project with the Company, Marina Dalmacija, the largest marina in D-Marin's portfolio, located in Croatia. An environmental impact assessment report was prepared for the Turgutreis Marina and approved in June 1999, while the Didim Marina was exempted from the EIA Regulation given that the project was planned before the date of regulation enforcement.

Environmental, health and safety management is the responsibility of technical management within each marina, while human resource issues are managed both by the administrative department and the HR department in headquarters.  Environmental control measures are managed in accordance with national laws and regulations and the required permits to operate are in place.  Neither facility currently operates environmental management systems in accordance with internationally recognised certification such as ISO 14001.  Drinking water is supplied in bottled form while water for sanitary purposes is provided by seawater passed through a reverse osmosis system. Electricity is provided by the municipality and the marinas also operate solar powered heat pumps for the production of hot water.  Waste waters are produced from domestic sources (shops, offices, restaurants), bilge and ballast water from boats, effluents from cleaning and storm waters, and are either discharged into municipal treatment systems or collected and transported to other treatment facilities.  Solid wastes, including domestic, packaging and waste oils are collected, separated and disposed of by sub-contractors licensed in accordance with national law.  Both facilities were observed to have very good general housekeeping and hygiene status with the dockside being well-organized, with no containers, equipment or material blocking walkways or driving routes.  

Both marinas operate occupational health and safety (OHS) committees which meet monthly and include both staff from the Company and external representatives utilising marina facilities and providing contracting services.  All marina personnel receive training on OHS issues including contractors.  There are a number of written OHS plans in place covering such areas as emergency response (particularly for fires), risks assessment, and OHS rules and responsibilities.  Accidents, incidents and near misses are recorded and actions taken to address such issues as appropriate.

No current or potential impacts on local communities were identified.  Tourism is of vital importance to both local towns and the D-Marin facilities are seen as further promoting the economic and social benefits of touristic activities.  The Company has established positive relations with local authorities and organisations and participates in local coordination meetings to discuss and address local development issues.  Stakeholder engagement can be further improved through the establishment of a more structured approach including identification of key stakeholder groups.

To address the issues identified during environmental and social due diligence an Environmental and Social Action Plan has been drafted.  The Company will be required to report annually to the Bank in the implementation of the ESAP and on general compliance with the Bank's PRs.

Technical Cooperation

Technical cooperation under the Inclusive Tourism Framework for the Eastern Mediterranean will contribute to the enhancement of industry practices on inclusion, including youth and gender, as well as backward linkages.

Company Contact Information

Mustafa Sayir

msayir@dogusgrubu.com.tr

+90 0212 335 32 32

+90 0212 335 30 90

www.dogusgrubu.com.tr

Maslak Ayaza#a Cad.No:2 Sar#yer, Istanbul, Turkey

 

 

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