Hystead Limited (IFC-39423)

Countries
  • Macedonia
  • Montenegro
  • Serbia
Where the impacts of the investment may be experienced.
Specific Location
Belgrade, Serbia; Podgorica, Montenegro; Skopje, Macedonia.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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.
Voting Date
Oct 7, 2017
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
HYSTEAD 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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 125.38 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 105
Converted using 2017-09-06 exchange rate.
Project Cost (USD)
$ 390.48 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 EUR 327.9
Converted using 2017-09-06 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 14, 2017

Disclosed by Bank Sep 6, 2017


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Project Description
This project finances the expansion of Hyprop Investments and PDI Investments into Europe through the acquisition of three shopping malls in Belgrade, Serbia; Podgorica, Montenegro; and Skopje, FYR Macedonia.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
Hystead is a UK based asset management company which is jointly owned by Hyprop Investments Limited ("Hyprop") (60%) and PDI Investment Holdings ("PDI") (40%) and established for their expansion/diversification into CEE. Hyprop Investments Limited is a leading South African REIT specialized in shopping centres and listed on the Johannesburg Stock Exchange with a market capitalization of EUR 1.8 billion. PDI Investments Limited is a Mauritius-registered investment company, which is majority owned by Louis Norval, an independent non-executive director of Hyprop.
Contact Information
Hystead Limited Pieter Prinsloo Chief Executive Officer +27 (0) 11 447 0090 pieter@hyprop.co.za 2nd Floor 21 Cradock Avenue, Cradock Heights, Rosebank https://www.hyprop.co.za/ 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/