Grivalia Properties REIC (IFC-38285)

  • Greece
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Dec 21, 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.
Grivalia Properties REIC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 53.24 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.
Loan Amount (USD)
$ 53.24 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 18, 2018

Disclosed by Bank Jan 12, 2017

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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.
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
Here you can find a list of individual development financial institutions that finance the project.
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
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.
Project Contact: Mr. Paris Varfis Grivalia Properties REIC Telephone No. : (+30) 210 8129600 Fax. : (+30) 210 8129670 Email Address: Office Address: 117, Kifissias Av & Agiou Konstantinou str, 3rd floor GR 15124, Marousi, Athens, Greece Website: 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 You can learn more about the CAO and how to file a complaint at

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