Project description
and objectives:
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The proposed project envisages the establishment of a joint-venture, Meinl
Caucasus and Central Asia (“MCCA”) between Meinl European Land Limited
(“Meinl” or “the Sponsor”) and the EBRD. The joint-venture will finance the
development of high-quality, international standard retail and mixed-use
properties in Caucasus and Central Asia with a particular focus on the major
cities of Georgia, Armenia, and Kazakhstan. The properties will be developed
and managed by Acteeum Limited, an internationally experienced development and
management company, with the objective of achieving long-term capital gains.
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Transition impact:
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The transition impact stems from the following factors:
The Project helps to stimulate competition and fosters market expansion in the
targeted markets. MCCA helps to address the significant undersupply of modern
retail facilities in the targeted countries which hitherto is characterised by
a de facto non existent international quality retail sector. It will enable
international retailers to enter the market and rent adequate retail premises.
The Project has a significant demonstration effect raising the awareness in
the international investor community about the Region. EBRD’s involvement
highlights the potential of these markets.
The Project enhances transfer of skills and backward linkages. On a
case-by-case basis the Joint-Venture will work together with local partners,
sub-contractors and service providers. All of them will benefit and learn from
the expertise brought along by the joint-venture. It is expected that the
Project will have substantial spill-over effects for the local construction
and property development sectors.
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The client:
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Meinl European Land Limited: A property company focused on the development and
management of retail properties in Central and Eastern Europe. Meinl is listed
on the Vienna Stock Exchange and has a market capitalization of EUR 6.4
billion.
Acteeum Limited: A property development and management company focused on the
Eastern European and emerging markets. Acteeum develops and manages properties
for Meinl in Ukraine and Turkey.
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EBRD finance:
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The proposed EBRD financing comprises the provision of the lower of 35% and
EUR 52.5 million equity for the Joint-Venture. The remaining 65% will be
contributed by Meinl.
In addition, EBRD will provide the lower of 35% and EUR 78.8 million of
preferred stand-by equity with Meinl providing 65%. The preferred stand-by
equity can be called if no commercial debt financing can be reasonably secured
for the sub-project.
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Total project cost:
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EUR 375 million.
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Environmental impact:
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Screened FI. The Fund will be required to implement the Bank's Environmental
Procedures for Property Fund including adequate environmental due diligence
and monitoring for each sub-project and submission of Annual Environmental
Reports to the Bank.
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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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Meinl
Mr. Wolfgang Lunardon
Email: lunardon@mel-cee.com
Tel:
+44 7797 768 857
Acteeum
Mr. Henrik Stig Møller
Email: hsm@acteeum.com
Tel:
+31 61 06 95 771
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EBRD contact:
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Michele Small, Operation Leader: smallm@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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