Dalmatian (IFC-38532)

Countries
  • Croatia
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
Proposed
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.
Borrower
PRO CRO ACQUISITIONS LIMITED
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.
Project Cost (USD)
$ 244.05 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2017-04-28 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Apr 28, 2017


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Project Description
The project entails the development of a mixed-use hotel and residential property in Hvar, Croatia, located approximately 20 nautical miles from the coastal city of Split and approximately 80 nautical miles from the coastal city of Dubrovnik. The project will consist of: (i) a 120 room hotel managed by Four Seasons; (ii) 99 residences for sale, of which 61 will be managed by Four Seasons and the other 38 sold unbranded; and (iii) community retail and leisure facilities (the Project). Total Project cost is estimated at EUR224 million to be funded 50:50 debt: equity. The proposed IFC investment is an A and B loan/parallel lender package of EUR100 million – A loan of EUR40 million and B/parallel Loan of EUR72 million. Project sponsor is Arqaam Capital (the Sponsor), a Dubai-headquartered emerging markets investment banking institution. The borrower is Brizenica d.o.o (the company), a Croatian Limited liability company that is majority owned by Arqaam Capital Limited, and which is the owner of the land at Brizenica bay, the site for the project development that IFC will potentially finance.
Investment Description
  • International Finance Corporation (IFC)
Project sponsor is Arqaam Capital, a Dubai-headquartered emerging markets investment banking institution. The Sponsor is a diversified and reputable investment group fully committed to the Project. Arqaam has assembled a team of top-notch architects, project managers, quantity surveyors/engineers, and residential sales consultants.
Contact Information
No project contacts provided at the time of disclosure. 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/