The proposed project will support IKEA’s entry into a new market by financing the acquisition of sites and financing of the construction of MEGA Shopping Centres developed and anchored by IKEA in several Ukrainian regions.
MEGA shopping centres would be the first of their kind in Ukraine, introducing new, modern forms of retail in the country.
The EBRD financing is expected to promote competition in the sector and raise standards in the retail market, which would eventually lead to a more efficient market environment. Local customers would be provided with an innovative, customer oriented retail environment. IKEA, which is regarded worldwide as a professional company with stringent operating rules and high standards, would help raise industry standards and transfer skills to various players across the retail and property markets as well as set sound corporate governance standards.
IKEA Dnipro LLC, Ukrainian subsidiary of the IKEA Group
USD 100 million debt facility consisting of up to four loans to finance land acquisition and construction of MEGA shopping centres in Ukraine.
Approximately USD 414 million.
This project has been screened C/1 requiring a corporate environmental audit. IKEA is an existing client and their environmental and social commitment is internationally recognized. IKEA’s preceding operations in Russia with the Bank confirms that they have capacities and experience to meet the Bank’s environmental and social requirements for the upcoming operation in Ukraine For the project, IKEA will carry out adequate environmental due diligence and monitoring of each sub-project under the Bank’s financing as well as implement their global environmental and social commitment for each sub-project. IKEA will also ensure that each sub-project complies with national and EU environmental, health and safety standards and requirements. IKEA will be reporting annually to the Bank on environment, health and safety matters. The Bank will monitor the project during the life of the project through a review of Annual Environmental Report and monitoring visits where necessary and appropriate.
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