Project description
and objectives:
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The proposed project is an equity investment into EPG East Euro Asia Property Fund (the “Fund”), an investment vehicle pursuing long term capital appreciation through real estate investments. The Fund will be established for the purpose of developing, reconstructing, acquiring, owning and managing real estate property in Russia, the CIS countries, and South-Eastern Europe (“the Region”), with aggregate capital commitments of up to EUR 300 million.
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Transition impact:
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The key objective of the Bank’s involvement lies in the support of a real estate fund which will concentrate its activity on real estate markets in Russia, the CIS countries and South-Eastern Europe focusing purely development projects rather than acquisitions.
The Fund will foster the development of the primary and secondary real estate markets by developing institutional quality properties which still only fragmentally exists in the Region. This will provide much needed liquidity and encourage equity investors to expand their participation in the real estate sector in the Region.
In part thanks to EBRD’s participation, the setting up of the Fund will help introduce new investors to the CIS real estate markets.
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The client:
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A special purpose vehicle, organised under the laws of the British Virgin Islands managed by EPG. EPG is a reputable real estate investment developer which a solid track record of projects developed in the Czech Republic.
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EBRD finance:
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20% of the Fund’s total equity up to EUR 60 million.
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Total project cost:
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EUR 300 million.
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Environmental impact:
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Screened FI.
For the proposed Project, the environmental due diligence involves (i) an assessment of the Fund Manager's existing environmental and social policies and procedures vis-à-vis the Bank's requirements and their capacity to implement them; and (ii) an assessment of the environmental and social issues associated with the proposed sub-projects. The Fund will be required to implement the Bank's Environmental Procedures for Property Funds 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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Werner Ebm, Executive Director
Tel: + 420 2 2185 1110
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EBRD contact:
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Philippe Mansion, Operation Leader: mansionp@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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