Project description
and objectives:
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The proposed project will consist of establishing a Polish on-shore closed-end
property fund, to be managed by BZ WBK AIB TFI, a Fund Management Company.
The Fund’s objective is to pursue long-term equity gains through investing in
complete office, retail and warehouse real estate as well as is property
development and re-development projects, all located in the Region (defined as
Bulgaria, Croatia, the Czech Republic, Hungary, Estonia, Latvia, Lithuania,
Romania, Russia, the Slovak Republic and Ukraine).
The Fund will be publicly traded on the secondary market of Warsaw Stock
Exchange (WSE) subject to WSE acceptance.
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Transition impact:
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The transaction will be the Bank’s second investment into a real estate fund
managed by the Manager. The transaction will support the local management
team’s expansion of operations in Poland and other CEE countries. Upon
successful establishment of the fund, the local management group of ARKA II
will become a pioneer of regional property market player. The success of the
fund will therefore provide a strong demonstration signal for potential
investors and provide a base for activity of the market followers.
Moreover the Fund will provide domestic institutional investors (including
pension funds) with the possibility to invest in a regulated vehicle investing
in the regional real estate market.
The Operation will also contribute to the further development of primary and
secondary market for quality medium size real estate projects.
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The client:
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BZ WBK AIB TFI, a Fund management company, established in 1998. The sole
shareholder of this entity is BZ WBK AIB Asset Management S.A. and the
indirect shareholders are BZ WBK S.A. (the fifth largest Polish bank) and
Allied Irish Bank.
BZ WBK AIB TFI creates and manages investment funds for retail and
institutional clients in Poland. As of 30 June 2007 the net asset value of the
funds under management exceeded PLN 22.4 billion (EUR 5.9 billion). This
places the Manager in the second place in terms of NAV under management in
Poland with a market share of approx. 16%.
In July 2004, the Bank invested in the first property fund of BZ WBK TFI -
Arka Property Fund, which is now fully invested.
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EBRD finance:
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The EBRD’s commitment would be up to the Euro 23.2 million equivalent (or up
to 15% of the Fund), subject to the size of the Fund.
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Total project cost:
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Approximately EUR 155 million equivalent.
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Environmental impact:
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The Fund will have to adhere by the Bank’s Environmental Procedures for
Property Development and Acquisition Funds, which require, among other things,
adherence to the Bank’s Environmental Exclusion and Referral List and
compliance of property projects with, at a minimum, national standards for
environment, health and safety. The Fund will be required to prepare an
annual environmental report.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Krzysztof Samotij, President of the Management Board
Investment
Advisor
BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A.
Pl.
Wolnosci 15
60-967 Poznan
Tel: +48-61-855 7322
Fax: +48-61-855 7321
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EBRD contact:
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Anna Krzesniak, Operation Leader: krzesnia@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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