Hystead Regional Facility (EBRD-48980)

Countries
  • Macedonia
  • Montenegro
  • Serbia
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
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
Oct 4, 2017
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
Balfin MK Dooel, Delta M CG and Preduzece Delta City
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 70.99 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 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, converted to USD$. Please see updated project documentation 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
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
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
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
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.