Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

19 Dec 2000



PSD disclosed:

12 Jan 2001

Project Description

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.

Transition Impact

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.

The Client

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.

EBRD Finance

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.

Project Cost

US$ 20.6 million (EUR21.7 million).

Environmental Impact

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.

Technical Cooperation


Company Contact

TriGranit Development Corporation
Vaci ut 3
H-1062 Budapest, Hungary
Tel +361 374-6503
Fax +361 374-5604

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

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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