Golden Ring Retail Centre



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

13 Jun 2012



PSD disclosed:

10 May 2012


Translated version of this PSD: Russian

Project Description

The EBRD is considering providing a senior A/B loan facility of up to USD 130 million to YarRenInvest (the “Borrower”) for the development, construction and operation of a class-A retail and entertainment centre with an underground parking for 550 cars and an overground parking for 800 cars, located in the centre of the Russian city of Yaroslavl (the “Project”).

The Project, to be built in one single phase, will have a gross buildable area of 113,790 sqm over 5 levels.

The Project will address the under-development in the modern retail segment in Yaroslavl. The Bank’s financing will support the expansion into regional Russia of a very experienced property developer and existing client, with a successful track record in developing sustainable commercial retail.

Transition Impact

The Project’s transition impact will stem from the following:

  • Setting standards, mainly through demonstration to other developers active in the region, of energy efficient technologies and techniques applied in the Project.
  • Increased competition for retail space: Yaroslavl’s retail market is currently underdeveloped. The completion of the Project will increase competitive pressure on the existing shopping malls and improve terms for the tenants.
  • Forward linkages to the retail sector: The Project will provide space for new retailers to enter the city and regional market, increasing downstream competition amongst retailers. This too should result in lower prices for final consumers.

The Client

YarRenInvest is a special purpose company incorporated in the Russian Federation and 99.9%-owned by Desna Gayrimenkul Yatirim A.S., a limited liability company registered in Turkey whose final beneficiary is the Ilicak Family.

The Sponsor is Rönesans Gayrimenkul Yatirim A.Ş., a limited liability company incorporated in Turkey and owned by the Ilicak Family.

EBRD Finance

Senior loan under an A/B structure of up to USD 130 million.

Project Cost

USD 200 million.

Environmental Impact

Screening Categories

The project was categorized “B” by the EBRD, which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements ( The project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan.

Information Received

The client completed an Environmental, Energy Efficiency and Social Questionnaire, and this has been reviewed by environmental and social staff of EBRD. A Technical Due Diligence Report has been prepared for the project which has been also reviewed.

Environmental and Social Issues

The client is an existing client of the Bank and has shown adequate environmental and social risk management capacities in relation to the preceding projects. Due diligence confirmed that the project is not associated with significant environmental and social issues; a soil test was carried out and the site is suitable for the Project; the Construction Permit has been provided which is valid until July 2013; the General Contractor has ISO9001 and OHSAS 18001 certifications in place; there is no re-settlement issues associated with the project; an on-site waste water treatment plant will be installed at the site in accordance with Russian standards; and solid waste will be handles by a licensed company. The project is required to comply with Performance Requirements.

Summary of Environmental and Social Action Plan (“ESAP”)

An ESAP is currently being developed to address potential impacts on neighbouring residents; legal compliance to protect historical buildings near-by; traffic issues during and after the construction; temporary accommodation for migrant workers and their legal right; life and fire safety issues; and grievance mechanisms for construction workers and the public, respectively.


The Bank will monitor the Project's environmental and social performance against relevant Performance Requirements by reviewing an annual environmental and social report and lender supervisor report and site visit where appropriate.

Technical Cooperation

The Project qualifies as built environment project with substantial sustainable energy investments and has benefited from a Quick Assessment of Energy Performance under a framework funded by Norway. A consultant engaged by E2C2 Team has assessed the performance of the Project and assisted in identification of the overall Sustainable Energy Investment.

Company Contact

Onur Kireli, Development Finance Director, Renaissance Development



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

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