Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

02 Nov 2004



PSD disclosed:

16 Nov 2004

Project Description

EBRD together with the Sponsor and third party investor (s) to invest up to €300 million in equity to create a regional portfolio of 15 to 20 property assets (‘Sub-Projects’) under the name of E2. E2 will seek long-term capital gains by investing in commercial real estate across a wide range of the Bank’s Countries of Operation. The investments will be for the purpose of developing, renovating, reconstructing, acquiring, owning/managing commercial real estate in Romania, Bulgaria, Croatia, Serbia & Montenegro, Bosnia Herzegovina, Macedonia, Ukraine, Russia, and capital cities and regional centres of the EU new member countries in Central Europe. 
Objectives of the investment programme
Promotion of the primary and in particular the secondary property markets across the Region :
  • Targeting inter alia less developed property markets including such as markets in Serbia & Montenegro, Bosnia Herzegovina, Macedonia, Ukraine and Russia.
  • Allocating capital to regional centres
  • Targeting third party investor(s) to join
The Investment Programme will be governed by a clear set of Investment Guidelines including inter alia regional diversification criteria.

Transition Impact

Support the development of a more liquid secondary property market on a regional scale and primary markets in less developed regions. A mature secondary market will eventually lead to the acceptance of local property as an asset class and the entrance of non-specialist investors seeking to diversify portfolios and encourage developer’s primary investors to move further east to the early and intermediate countries.
Promotion of less developed primary property markets to improve supply of quality commercial space in these markets.

The Client

Investkredit Bank AG, an Austrian commercial bank specialised in medium and long term financing to corporate customers and public institutions. Investkredit Bank AG is listed on the Vienna stock exchange.

EBRD Finance

Commitment to invest up to €75 million in equity and quasi-equity instruments.
The Bank’s participation will be weighted to over-proportionally support Sub-Projects in less developed property markets.

Project Cost

€ 300 million in equity and quasi-equity instruments.

Environmental Impact

The project was screened C/0.
The Sponsor has been implementing the formal environmental due diligence procedures based on EBRD’s Environmental Procedures for Property Funds and agreed with the Bank under the Europolis 1 to review environmental issues of each sub-project including potential contamination of the site, construction-related environmental issues (noise, dust, traffic disturbance) and worker health and safety issues, safety of construction materials and life and fire safety issues of the building, as well as has been submitting annual environmental reports to the Bank.
Under E2, the Sponsor will continue to implement the environmental due diligence procedures which ensures that the Sponsor conducts its property development investment with full respect of environmental issues including compliance, at minimum, with national environmental, health and safety standards and requirements, national public consultation requirements where the sub-project is located and implementation of good international practice applied by Western property developers as well as submission of an annual environmental report to the Bank.

Technical Cooperation


Company Contact

Europolis Real Estate Asset Management GmbH
Kolingasse 12, 
1090 Vienna, 
Tel: +43 (1) 319 72 00 
Fax: +43 (1) 319 72 00 - 10

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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