Grivalia Properties REIC (IFC-38285)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • 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
Approved
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
Dec 21, 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
Grivalia Properties REIC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
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)
$ 53.24 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 53.24 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 Jan 18, 2018

Disclosed by Bank Jan 12, 2017


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Project Description
According to IFC website, the IFC financing will fund the investment program undertaken by Grivalia Properties REIC that includes green building upgrades, refurbishments of the existing portfolio as well as investments (acquisitions, developments) in a number of sectors including logistics and retail throughout Greece. The expected development impacts are: 1. Energy efficiency and Green Buildings: Grivalia is implementing best practices on energy efficiency improvements and green technology. 2. Supporting business-enabling infrastructure: The project relates to improvements of existing office and commercial buildings in Athens, contributing towards the improvement of existing business infrastructure, much needed given the limited investment taking place since the beginning of the crisis. 3. Increased employment and linkages: The project will create employment opportunities, during construction and renovation works as well as increase demand for materials and services in the construction sector, one of the worst hit sectors during the Greek crisis, contributing towards IFC's goal to support crisis-hit sectors and reduce unemployment. 4. Tax revenues: The project will generate tax revenue for the government through property and other taxes applicable for real estate investment companies.
Investment Description
  • International Finance Corporation (IFC)
Grivalia Properties REIC is the leading real estate investment company (REIC) in Greece, focusing on the office/retail/logistics and industrial sectors in highly commercial areas. It manages approximately EUR 850 million, including a portfolio of 92 assets, the majority located in Greece, two commercial properties in Serbia and three in Romania. Grivalia has the following main shareholders: Fairfax Financial Holding Ltd, with 41.5% Eurobank Ergasias S.A., with 20.3%, Wellington Management Company LP, with 11.2%, Brandes Investment Partners L.P with 5,0% and Fidelity Management and Research LLC with 4.99%.
Contact Information
Project Contact: Mr. Paris Varfis Grivalia Properties REIC Telephone No. : (+30) 210 8129600 Fax. : (+30) 210 8129670 Email Address: pvarfis@grivalia.com Office Address: 117, Kifissias Av & Agiou Konstantinou str, 3rd floor GR 15124, Marousi, Athens, Greece Website: http://www.grivalia.com General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 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/