NEPI Bond (IFC-38149)

Countries
  • Romania
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 8, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NE PROPERTY COOPERATIEF UA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 55.71 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 5, 2018

Disclosed by Bank Mar 9, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project invests in a Eurobond issued by NE Property Cooperatief UA, the proceeds of which will support the expansion of the company's real estate investment activities in Romania and other Central and Eastern European countries. The IFC's investment will be used for property development and acquisitions in Romania only.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s investment represents approximately 10% of the total bond issue. The Eurobond is listed in the Irish Stock Exchange and the Bucharest Stock Exchange.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NE Property Cooperatief UA is incorporated in the Netherlands, and is a wholly owned subsidiary of NEPI Rockcastle Group.

NEPI Rockcastle Group is a CEE focused real estate company, listed on the JSE and Euronext Amsterdam. NEPI Rockcastle (NEPIRC) was formed in July 2017 by the merger of New Europe Property Investments plc (NEPI) and Rockcastle Global Real Estate Company Limited (Rockcastle). NEPI Rockcastle Group focuses on investments in dominant retail real estate assets in high-growth CEE countries with leading positions in Romania, Poland and Slovakia and a strong presence in Croatia, Bulgaria, Czech Republic and Serbia. The Group acquires, develops and manages retail/commercial real estate in emerging European Union markets with high-growth potential. The Group envisages to continue acquisition, development and extension of assets in Romania, Poland and in other markets.     

NEPI Rockcastle is incorporated in the Isle of Man and listed on the Main Board of the JSE and on Euronext Amsterdam (share code NRP). The ownership of NEPI Rockcastle’s shares, as at the latest practicable date prior to the publication of the present Summary of Investment Information, in so far as it is known to NEPI Rockcastle, is as follows: (i) Fortress Income Fund 24.2%; (ii) Resilient Property Income Fund 13.0%; (iii) Public Investment Corporation 8.6%.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NE Property Cooperatief U.A. Client -
- - - - NEPI Rockcastle Plc Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

NEPI Rockcastle 
Mirela Covasa 
Chief Financial Officer 
+40 21 232 13 98 
Barbu Vacarescu, 3rd floor, Bucharest 2, 020276 
www.nepirockcastle.com  

ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works