Global Emerging Property Fund

Location:

Regional

Project number:

35767

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

FI

Target board date:

17 May 2005

Status:

Repaying

PSD disclosed:

13 Apr 2005

Project Description

Global Property Fund (the Fund) will be a real estate private equity investment vehicle pursuing long-term gains through investing in development and completed real estate primarily in Romania, Bulgaria, and Serbia and Montenegro, with aggregate capital of EUR 70-100 million and a possible second closing of up to EUR 150 million.

Transition Impact

The strategic input of the Bank is essential in various aspects:

  • The key objective of the Bank’s involvement lies in the support of a real estate fund which will concentrate its activity on real estate markets in Romania, Bulgaria and Serbia and Montenegro (the Region) focusing on development projects rather than acquisitions.
     
  • The Fund will foster the development of the primary and secondary real estate markets by developing institutional quality properties which still only fragmentally exists in the Region. This will provide much needed liquidity and encourage equity investors to expand their participation in the real estate sector in the Region.
     
  • The participation of the EBRD will encourage other investors to consider expanding volume and tenor of their investments and to start to venture their capital outside of the capitals of the most advanced EU Accession countries. In addition, the EBRD’s participation will attract new investors in the real estate sector of the Region.

The Client

A special purpose vehicle, organised under the laws of Jersey, managed by Global Finance, a reputable Greek private equity and venture capital management firm with over EUR 400 million under management and offices in Greece, Bulgaria, and Romania.

EBRD Finance

Equity investment of up to the smaller of EUR 30 million or 30% of the total Fund commitments.

Project Cost

Up to EUR 150 million.

Environmental Impact

Screened FI.

Due diligence has confirmed that the Fund Manager has the necessary commitment and experience to implement the Bank’s environmental requirements. The Fund will be required to implement the Bank’s Environmental Procedures for Property Fund across all its operations to conduct environmental due diligence and monitoring of each sub-project, to ensure that each sub-project complies with relevant national and EU environmental, health and safety standards and requirements and to submit annual reports on environmental, health and safety issues to the Bank.

Technical Cooperation

None.

Company Contact

Mr Theodore Kiakidis, Investment Director
Global Finance S.A.
14, Filikis Eterias Square
106 73 Athens
Greece

Tel: ++30 210 812 4500

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

General enquiries

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.