Oxford Street No.1 Aparthotel (IFC-38970)

Countries
  • Ghana
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
Proposed
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."
Borrower
1 OXFORD STREET LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 18.00 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.
Project Cost (USD)
$ 51.40 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 Oct 24, 2017

Disclosed by Bank Jun 27, 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.
The Project is being undertaken by 1 Oxford Street Ltd. (the Company), a company specifically incorporated to implement the project. The Company is a 50-50 percent joint venture between Wonda World Estate (WWE), part of the Kwarleyz Group, a reputable developer based in Accra, and the Cola Group, a London-based property investor (Sponsors). Both Sponsors have extensive experience in construction and management of properties.The proposed IFC investment in the Project comprises a senior loan of up to US$9.0 million on IFC’s own account and syndicate loan amounting to US$9.0 million to support the project which is estimated at a total cost of US$51.4 million. The Project consists of the development of a 14-storey upscale building which will feature 104-apartment (plus 4 penthouses) long stay aparthotel, two floors of retail and leisure space and two floors of basement parking. The Project will also feature a swimming pool, restaurant, bar, gym and spa. All of the apartments will feature a kitchenette which will provide flexibility for in-room dining and self-catering. The Project is on a 0.41-acre parcel of land known as Number 1, Oxford Street, Osu, Accra in the Greater Accra Region of the Republic of Ghana owned by the Borrower. The site, is strategically located in the midway point between the Accra CBD and the airport - which are 10 km apart. At the time of appraisal, the Company has already completed the core and shell of the Project. The Sponsors are currently negotiating with a number of professional third-party hotel operators one of which will be selected as the operator for the Project aparthotel (the Operator).
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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.
Contact Person: Nana Kwame Bediako Company Name: KWARLEYZ Group Address: 15 Osu Avenue Ridge, Accra, Ghana Email: nkbediako@petroniacity.com Phone: +233 244 684 848 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/

How it works

How it works