NEPI Bond (IFC-38149)

Countries
  • Romania
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 8, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NE PROPERTY COOPERATIEF UA
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 55.71 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 5, 2018

Disclosed by Bank Mar 9, 2018


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Project 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
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)

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

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%.  

Contact Information

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/