IFC is considering providing an A Loan of up to COP 300 billion (approximately US$75 million equivalent) to “Fondo de Inversión Colectiva Inmobiliario Visum Rentas Inmobiliarias” (or “Visum”) to support Visum’s 2022 – 2024 investment program in Colombia.
Infrastructure development: The Project will improve firm’s access to high-quality and modern urban infrastructure through new potential industrial, office, healthcare, and retail property developments. Furthermore, the modern industrial warehouses established through the Project can contribute to efficiency gains and reduced operational costs for local businesses and supply chains. Class A developments can be significantly more efficient with lower operating costs than existing properties in the market.
Environmental effects: All new developments will be certified as green buildings. In addition, Visum is expected to embark in a decarbonization pathway under the IFC GRIP (“Green Pathways for Real Estate Institutional Portfolios”) program, through which some existing buildings will be upgraded to attain energy efficiencies and reduce their carbon footprint and new acquisitions/developments will also have lower carbon footprint. Improving energy-efficiency in the commercial property sector is critical for coping with energy supply constraints while contributing to GHG emission reductions.
Green Building (“GB”) Standards: The penetration of GB standards in Colombia remains low. The share of green buildings for new developments is currently at 4%, with an objective to reach 100 percent by 2030. Since 2011, the uptake for GB in Colombia remains mandatory, however, wide adoption of GB has proved a challenge due to (i) limited uptake of GB financing business by banks, (ii) very limited use of GB certification to two regions, Cundinamarca and Antioquia, (iii) lack of technical capacity and human capital in the GB area and (iv) lack of awareness by the government, FIs and leading developers.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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