Hystead Regional Facility (EBRD-48980)

Countries
  • Macedonia
  • Montenegro
  • Serbia
Geographic location where the impacts of the investment may be experienced.
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 4, 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
Balfin MK Dooel, Delta M CG and Preduzece Delta City
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)
$ 70.99 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 59,670,000.00
Converted using 2017-09-04 exchange rate.
Project Cost (USD)
$ 392.48 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 329,900,000.00
Converted using 2017-09-04 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 14, 2017

Disclosed by Bank Sep 4, 2017


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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 upgrade and expansion of three retail and entertainment centers in Macedonia, Montenegro, and Serbia: Skopje City Mall, Delta City Podgorica and Delta City Belgrade.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Balfin MK Dooel, Delta M CG and Preduzece Delta City 67 are three limited liability companies incorporated in FYR Macedonia, Montenegro and Serbia respectively. They are fully owned by Hystead Limited. Hystead is owned by Hyprop Investments Limited ("Hyprop") (60%) and PDI Investment Holdings ("PDI") (40%). Hyprop is one of Africa's leading specialist shopping centre REITs listed on the Johannesburg Stock Exchange. PDI is a Mauritius-registered investment company, with majority owned by Louis Norval, an independent non-executive director of Hyprop. The shareholders set up Hystead in order to expand their portfolios into SEE, which is in line with Hyprop's strategy to acquire or develop high-quality, income producing retail centres in emerging markets.

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.
Pieter Prinsloo pieter@hyprop.co.za +27 11 447 0090 www.hyprop.co.za 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.

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How it works