Griffin Student Depot Framework (EBRD-48191)

Countries
  • Poland
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Jul 20, 2016
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
Oaktree Capital Group LLC
The holder of the loan, grant, or other investment.
Sectors
  • 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, etc.
Investment Amount (USD)
$ 25.62 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 PLN 101,900,000.00
Converted using 2016-07-20 exchange rate.
Project Cost (USD)
$ 155.27 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 PLN 617,500,000.00
Converted using 2016-07-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 10, 2017

Disclosed by Bank Jun 2, 2016


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Project Description
This project finances Oaktree Capital Group LLC to acquire, refurbish, and convert a portfolio of 15 existing buildings into student accommodations across Poland. This will be done under the Student Depot brand.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
The client will be a newly created holding company, incorporated in Poland and ultimately wholly owned by Oaktree Capital Group LLC ("Oaktree"). Oaktree is a developer and operator of student housing assets in the UK, Spain, France and Ireland. Griffin Real Estate ("Griffin" or the "Company"), based in Warsaw, will be the developer and property manager of the student housing assets in Poland.
Contact Information
Leszek Maciusowicz LMaciusowicz@griffin-re.com +48 22 21 21 940 http://studentdepot.pl/ Aleja Szucha 6, 00-582 Warszawa ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD’s own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.