Translated version of this PSD: French
The EBRD has committed to an equity investment of up to €45 million in Vecteur LV (“VLV” or the “Company”), a real estate company registered in Morocco and a subsidiary of Label’Vie, one of the leading food retailers and the exclusive Carrefour franchisee in Morocco. VLV has been used by Label’Vie as its real estate platform to develop its supermarkets and the associated retail galleries.
The project will support the development, operations and management of a portfolio of sustainable mixed-use real estate assets across the different regions of Morocco, allowing Label’Vie to accelerate its expansion.
The project will address the limited supply of modern retail premises in Morocco and it will contribute to expanding markets by developing new modern food and non-food retail premises across the country.
In addition, the Project is expected to contribute to setting standards of business conduct by further improving the sustainability features of the portfolio assets. This will be addressed by comprehensive technical assistance, aiming at introducing resource efficient techniques and targeting energy savings of up to 25per cent.
Vecteur LV, the investee company registered in Morocco, owns 15 operating stores and associated retail galleries with a gross leasable area of ca. 81,000 square meters. VLV is a subsidiary of Label’Vie, a leading food retailer, listed on the Casablanca Stock Exchange and the exclusive Carrefour franchisee in Morocco.
An equity investment of up to €45 million.
Subject to further fund raising, expansion capex of up to €280 million.
Environmental and social categorisation, impact, and mitigation
Screening Categories: The project was categorised “B” by the EBRD, which means that an environmental and social analysis was required by the Bank, in accordance with the 2014 Environmental and Social Policy and Performance Requirements (PRs). The Project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan.
Information Received: The client completed the Environmental and Social Questionnaire and a detailed technical due diligence was completed: these have been reviewed by environmental and social staff of EBRD. The Bank’s environmental staff also undertook a site visit in December 2014 to verify on the ground the environmental and social issues and any necessary mitigation measures. EBRD also carried out an energy efficiency performance analysis during the site visit in 2014.
- Environmental and Social Issues: Due diligence identified specific environmental and social issues that need to be addressed to ensure that the project complies with the Bank’s PRs, in areas such as technical installation; maintenance and upgrading associated with life and fire safety; Ozone Depreciation Substance (ODS) phase-out; overall environmental management; contractor management in relation to Occupational Health & Safety (OHS); and potential resettlement and economic displacement impacts. An Environmental and Social Action Plan (ESAP) has been developed to address these issues. For the project, the client is required to ensure that the project complies with the PRs and the agreed ESAP, and to submit an annual environmental and social report to the Bank. EBRD will monitor the project’s environmental and social performance by reviewing the annual environmental and social report and carrying out monitoring visits if deemed necessary.
Technical cooperation support will be provided under the regional framework “Sustainable Energy Support for Built Environment Projects”, funded by the Special Shareholder Fund for provision of TC support for energy performance assessment and identification of energy efficiency opportunities.
Amine Bennis, Chief Financial Officer
Angle Av. Mehdi Ben Barka et Av. Annakhil
Espace les Lauriers
Hay Riad - RABAT
For business opportunities or procurement, contact the client company.
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