Proposed extension of existing equity investment in Trigranit Group, the leading commercial property developer and operator in central Europe, with its main activities focused in Hungary and the Slovak Republic.
The operation will provide the company with financing for pre-development costs of the Millennium City Centre, a series of phased developments intended to be undertaken by Trigranit in Hungary, and for general corporate purposes.
The Millennium City Centre’s integrated international-standard convention centre will provide Budapest with a brand new service for international visitors. It will also enhance its reputation as one of the most attractive destinations in central Europe. The provision of modern convention facilities with convenient well-managed hotels, in line with the majority of European capital cities, is important for Hungary’s international status as it moves towards EU accession.
TAP Investment Limited is a limited liability company organised under the laws of Cyprus and established to invest in the Trigranit Group (Trigranit). Trigranit is currently 50 per cent owned by TAP Investment Limited and 50 per cent by TrizecHahn Corporation, a Canadian corporation.
The EBRD proposes to make an additional US$ 3.9 million (EUR4.2 million) equity investment in the client. The Bank has already invested US$ 13.7 million (EUR14.5 million), representing about 14 per cent of the client’s equity alongside AIG as part of an EBRD Board-approved co-investment facility in 1999. The current investment would bring the EBRD's total shareholding of the client to approximately 16 per cent.
US$ 20.6 million (EUR21.7 million).
The project was screened B/0, requiring an analysis of the environmental impact associated with this development. The analysis was undertaken as part of the earlier Board-approved investment. Detailed environmental information on the Millennium City Centre project will be made available as the development progresses. However, the sponsor has confirmed that each of the developments will be constructed to a high environmental, health and safety standard, with a range of environmental features forming part of all the proposed operations. All of the phased developments will be built and operated according to the national and local environmental, health and safety requirements and in accordance with relevant EU standards and good international practice.
TriGranit Development Corporation
Vaci ut 3
H-1062 Budapest, Hungary
Tel +361 374-6503
Fax +361 374-5604
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