Visum REIT (IFC-45472)

Countries
  • Colombia
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."
Voting Date
May 27, 2022
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
FONDO DE INVERSION COLECTIVA INMOBILIARIO VISUM RENTAS INMOBILIARIAS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Construction
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)
$ 75.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 13, 2022

Disclosed by Bank Apr 21, 2022

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.

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.                                                

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Visum Capital S.A.S. Client Construction

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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