Original disclosure @ IFC website
Updated in EWS Mar 2, 2023
Disclosed by Bank Aug 18, 2022
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The proposed investment is up to €40m corporate loan to BALFIN Group (https://balfin.al/), one of the largest conglomerates in Albania with operations in the Western Balkans region, Austria, Switzerland, and the Netherlands. The IFC loan will help the Company (i) refinancing existing debt of the brownfield TEG shopping mall; (ii) extension, refurbishment and other related capex of TEG including a 1-2 MW rooftop solar park; and (iii) recapitalization of TEG and to finance its Retail Park projects in Korça, Vlore, Shkoder, Tirana and Elbasan (under the “West Park” concept).
Balfin is a leading diversified conglomerate based in Albania and a premium employer in the country. Established in 1993, it is fully owned by Mr. Samir Mane. It owns 88.1% of TEG with the remaining shares held by Albanian American Enterprise Fund (8.9%) and First Investment Services (3%).
The Company’s diverse investment portfolio can be categorized into real estate, retail, banking, tourism, wholesale and services (energy trading, logistics and education). Under the scope of this Project, the BALFIN group companies of relevance are:
- BALFIN Group (Balkan Finance Investment Group) – Corporate group employing over 5,500 people and overseeing the group companies listed below.
- TEG (Tirana East Gate) SH.P.K.
- Retail Park LTD
- ACREM (Albanian Commercial Real Estate Management) – Provides management services (including design, procurement and the implementation process) for commercial real estate, including TEG and Retail Park LTD. ACREM will be responsible for operating all retail parks.
- Mane TCI – BALFIN’s Engineering, Procurement and Construction (EPC) Contractor company specialized in real estate development. Mane TCI is responsible for completing project designs, procuring the necessary materials and equipment, preparing construction documents, and constructing BALFIN’s projects, including the TEG Extension and Retail Park LTD.
|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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General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Client - Balkan Finance Investment Group Sh.p.k:
Edlira Muka - CEO
Phone: +355 44509250
Address: ‘Papa Gjon Pali II’, Floor 11, ABA Center, Postal Code 1010, Tirana, Albania
Contractor - ACREM (Albanian Commercial Real Estate Management):
Address: Rruga Nacionale Tiranë-Elbasan, Tirana, Albania
Phone: +355 4 2395000
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