Odessa IT Centre

Location:

Ukraine

Project number:

44581

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

B

Approval date:

29 May 2013

Status:

Completed

PSD disclosed:

12 Apr 2013

Translated version of this PSD: Ukrainian

Project Description

The EBRD is considering providing financing for the refurbishment of an office building with gross leasable area of 4,756 sq.m. in Odessa, Ukraine. The building will be majority leased to local and international IT companies.

The Project will provide high quality office space to the local market, currently under-supplied with Class A office stock. It will also support further expansion of domestic and international IT companies in the regions of Ukraine through the provision of quality space with IT-friendly infrastructure.

Transition Impact

The Project will address one of the key challenges in the sector in Ukraine, i.e. the lack of modern commercial offices in the regions. Moreover, the project should contribute to the development of IT services in the region.

Transition impact will most likely come from increasing competition and market expansion in the office segment of the real estate sector in Odessa, which remains under-supplied with quality office stock.

Furthermore, Odessa IT Centre, which will be the first IT focussed office building in Odessa providing integrated services to IT companies, will offer various services such as free legal, financial and professional consulting services for IT start-ups, networking events with venture capitalists/investors, etc. These activities will further strengthen the linkages within the IT sector, support skills transfer and improve collaboration between the companies operating in this sector.

The project will use the Best Available Techniques to benefit from the existing sustainable energy opportunities. It is anticipated that the implementation of these techniques will bring the energy performance of the Project well beyond the benchmark required by the national regulations.

The Client

Rialto Residence LLC, a special purpose company incorporated in Ukraine, part of Istil Group (the “Borrower”).

EBRD Finance

A senior loan of up to USD 4.9 million. Sustainable Energy Investments of up to USD 0.9 million foreseen from the EBRD’s loan proceeds.

Project Cost

USD 12.2 million.

Environmental Impact

Categorised B. The ultimate owner of the Borrower is the existing client of the Bank and its environmental and social risk management has been satisfactory to date. Environmental assessment showed that the Project has been developed in accordance with local/national requirements and international good practice and measures have been taken to minimise health and safety risks to the public and workforce during construction activities. In addition a grievance mechanism has been put in place to effectively respond to complaints, should such arise.

Technical Cooperation

A Consultant was engaged under the Quick Assessment of Energy Performance of Built Environment Projects Support Framework, funded by the Government of Norway. The Consultant conducted the Project's energy audit, reviewed technical design, assessed energy performance and compliance with the international energy benchmarks.

Company Contact

Mr. Vadim Nozdrya
CEO, Istil Group
Office 10, 3rd floor
33 Taras Shevchenko Blvd.
Kyiv 01032, Ukraine
Phone: + 380 44 220 1570

 

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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Text of the PIP

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