Zemun Retail Park



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

26 Nov 2012



PSD disclosed:

12 Oct 2012

Translated version of this PSD: Serbian

Project Description

The EBRD is providing financing for the development and construction of the first phase of a retail park in Zemun, Belgrade with a net leasable area of 15,309 sq. m. and parking for 385 cars.

Through this transaction, the EBRD will support the entry of an experienced developer into the Serbian market. The project will also address the under development of Belgrade’s and Serbia’s modern retail market, delivering an affordable retail format.

Transition Impact

The Project will deliver a good quality retail park to Zemun, Belgrade thus facilitating an expansion of retailers into the market at a stage of early development.

  • Belgrade is at an early stage of retail development with a per capita modern retail stock at only 20% of the average in other CEE capitals. The Project will provide an additional 15,309 sq. m. of net leasable area and introduce a modern retail format to Zemun and the surrounding suburbs. Consequently, the competition in the retail sector will increase and existing operators of retail facilities will be constrained to improve their facilities.
  • The proposed project will demonstrate a new, affordable retail format on the market, providing value for money to both retailers and consumers. Additionally, the project will feature the best available technologies, which are beyond the standard energy efficiency practice and requirements in Serbia. A Consultant, procured and managed by the Bank will work with the client in order to define technical specification, assess resource efficiency and environmental footprint. This will help to reduce the environmental footprint while enhancing Project sustainability and economic outputs.
  • Most of the targeted retailers, particularly international, are underrepresented in the local market and the project will provide an expansion platform for various retailers. The entry and expansion of existing brands is expected to benefit the end consumers in the area through lower prices and more affordable quality brands.

The Client

The project will be carried out by Jelmil d.o.o. and Konzulpro d.o.o., special purpose companies, indirectly wholly owned by Jerusalem Economy Ltd. and Industrial Building Corporation Ltd., in equal shares.

Jerusalem Economy Ltd. and Industrial Building Corporation Ltd. are among the leading real estate companies in Israel, with income generating properties worldwide.

EBRD Finance

EUR 13.5 million long term debt facility under A/B structure.

Project Cost

EUR 25.5 million.

Environmental Impact

The project was categorized “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 project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan

Environmental and Social Issues

The company is an existing client of the Bank and has shown adequate environmental and social risk management capacities in relation to the preceding projects. Due diligence including the Bank’s environmental staff showed that there are no significant environmental and social issues associated with the project. The project has been developed with adequate local/national official environmental/zoning approvals. An Environmental and Social Action Plan (ESAP) will address construction worker OHS, grievance mechanisms for the construction workers/public and life and fire safety issues. The project is required to comply with PRs and submit an annual environmental and social report to the Bank. The Bank will monitor the project’s environmental and social performance by reviewing the annual report and monitoring visit if necessary.
The Bank will implement for the first time a resource efficiency assessment, combined with an ecological footprint assessment on project-level.

Technical Cooperation


Company Contact

Nir Makdasi
Industrial Building Corporation Ltd.
Country Manager for Serbia
Ackerstein Towers B;
11 Hamenofim Street;
Herzliya Pituach, Israel
Email: nir@building.co.il


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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

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