The project will involve the completion of the construction, letting and managing of an office development in Almaty, Kazakhstan.
Project objectives: To complete the construction, letting and managing of an office development in Almaty comprising 16,307 square meters of rentable office and commercial space.
The project will stimulate greater competition in the high quality property sector. This will allow businesses to reallocate to the higher standard premises at an affordable cost. It will contribute to the developing skills of the local sub-contractors to produce construction works of international standard quality. It will also have a strong demonstration effect from international quality property leasing and management standards introduced to the market.
Uçgen Group has approached the Bank regarding the financing to complete, let and manage an office development in Almaty. The project, on a site of approximately 4,000 square metres, comprises two tower buildings, which can be inter-connected, each of 17 storeys. Turan Alem Bank, the current owner of unfinished building, will be a majority shareholder in the Project.
US$ 9.8 million (EUR 9.4 million) loan representing 35% of total project cost.
US$ 28 million (EUR 26.8 million).
This operation was screened B/0, requiring an environmental analysis of the office development construction and operation. The sponsor of the project completed and returned the Bank’s due diligence environmental questionnaire for construction projects with additional information attached. The questionnaire was reviewed by EAU and judged to contain all the necessary information required by the Bank. Among other things, the questionnaire confirmed that:
- The proposed development has no past history of contamination and soil tests have been carried out to confirm this.
- The office complex will be constructed using good international practice and in compliance with national environmental, health and safety requirements. The contractors employed to undertake the construction have comprehensive site safety procedures which have been reviewed by EAU, and accord with EU requirements and good international practice.
- The office complex construction will not involve and harmful or hazardous materials and will include in the design environmentally positive features such as comprehensive heat insulation.
- The operators of the proposed development will likewise follow good international practice, thus bringing environmental benefits such as the recycling of certain waste streams, and the re-use where possible of items to reduce energy and water consumption.
The operators will be required to report annually to the Bank on environmental, health and safety issues.
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