Translated version of this PSD: Russian
Financing of the second phase of Technopark Pulkovo providing high-quality office space and business development services for knowledge-intensive companies and their service providers (the “Project”). The Project will have a gross buildable area of approximately 20,000 sq. m. and a gross leasable area of 18,700 sq. m and will represent the second phase of a six-phase development.
Since the Project is an extension of the first stage of Technopark Pulkovo, the transition impact potential will derive from the same key areas as in phase 1:
- Demonstration of products and processes which are new to the economy: The original project was considered to promote the diversification and competitiveness of the St. Petersburg region and to introduce a replicable product to the market. It would also promote linkages between universities and industry, thus fostering the creation of, and strengthening, value chains and industrial clusters in sectors where Russia has a competitive advantage. The Project will be crucial in further developing the synergies, clusters and knowledge sharing that generate critical mass in the successful science and technology park ecosystem.
- Transfer and dispersion of skills. The Sponsor has built up a team of highly qualified international executives to manage the first phase of Technopark Pulkovo who will bring the know-how of operating science and technology parks on a commercial basis. These qualified managers will continue during the Project implementation to collaborate with and provide invaluable on-the-job training to their local Russian colleagues.
- Improvement in sector’s business conduct and standards. Phase I introduced improved energy-efficiency standards to the Russian commercial real estate sector, leveraging the high level energy efficiency capability of Finnish construction and engineering contractors, who are amongst Europe’s leaders in the energy efficiency of buildings. Like Phase I, the Project has a strong energy-efficiency component, with energy performance exceeding Russian national standard requirements by 42%.
Technopolis St. Petersburg LLC, a special purpose vehicle incorporated in Russia (the “Borrower”). The Borrower is wholly-owned by Technopolis Plc. (the “Sponsor”), a public limited liability company registered in Finland and listed on the Helsinki Stock Exchange, specialised in providing business environments for knowledge-intensive companies and one of the largest science and technology park operators in Europe.
A senior loan of EUR 24.7 million (the “Loan”) to the Borrower comprising an A Loan of EUR 17.2 million for the EBRD’s own account and a B Loan of EUR 7.5 million to be syndicated to commercial banks.
EUR 49.3 million.
The project was categorised “B” which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements (PRs).
The due diligence carried out for the Phase I is applicable for the Phase II as the Phase I and II are very similar in terms of construction and are located on the same land plot. The due diligence carried out for Phase I showed that there are no significant environmental and social impacts. The Bank has been monitoring the Phase I project’s environmental and social performance. For the Phase II project, a new ESAP has been developed to address pollution prevention during the construction period, worker health and safety and the life and fire safety issues.
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