GTC Ukraine Equity

Location:

Ukraine

Project number:

37336

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

C

Target board date:

19 Sep 2006

Status:

Complete

PSD disclosed:

18 Aug 2006

Project Description

The proposed project is a direct equity investment into GTC Real Estate Investments Ukraine B.V. (GTC Ukraine) alongside Globe Trade Centre S.A.. Jointly, an initial amount of up to USD 100 million will be invested in the development and operation of international standard office, retail and residential real estate projects in Kiev and other major Ukrainian cities.

Transition Impact

  • Strong demonstration effect by introducing new property formats in Ukrainian cities, some of which are still dominated by old-stile administrative buildings, street markets and relatively small retail shopping facilities.
  • Promoting competition in the property sector by supporting the entry of strategic investors into the Ukrainian market, both directly, by financing GTC Ukraine and indirectly by introducing international standards of office, retail and residential real estate development.
  • Facilitation of professional know-how and skills transfer to the local development and property management sectors, which will in turn stimulate greater efficiency in the Ukrainian property sector.

 

The Client

GTC Real Estate Investments Ukraine B.V. is a limited liability company incorporated under Dutch law with the purpose of holding the special purpose vehicles which in turn own the real estate assets.

Globe Trade Centre S.A. Poland, the sponsor, is a leading real estate developer in Central and Eastern Europe and listed at the Warsaw Stock Exchange.

 

EBRD Finance

Equity investment of up to USD 10 million.

Project Cost

Up to USD 100 million equity.

Environmental Impact

Screened C/1. The Sponsor is an existing client, and all environmental reporting on preceding GTC projects has been satisfactory to date. The Bank’s environmental due diligence carried out for GTC projects in 2005 confirmed that the Sponsor has adequate environmental risk management practices in place. Regarding the GTC Real Estate Investments Ukraine B.V., the Sponsor will be required to continue to implement adequate environmental risk management procedures, ensuring that sub-projects comply with, at a minimum, national environmental, health, safety and employment laws and standards as well as conventions of the International Labour Organisation related to the employment of children and young people, discrimination at work, and forced labour.

Technical Cooperation

None.

Company Contact

Hagai Harel, Globe Trade Centre S.A.

Tel: +48-22-60 60 770

Email: hagai.harel@gtc.com.pl

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Project Complaint Mechanism (PCM)

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