Hystead Limited (IFC-39423)

Countries
  • Montenegro
  • North Macedonia
  • Serbia
Geographic location 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
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."
Voting Date
Oct 7, 2017
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.
Borrower
HYSTEAD LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 125.38 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.
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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.
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
Here you can find a list of individual development financial institutions that finance the project.
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
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.
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/

How it works

How it works