Dimand (EBRD-49428)

Countries
  • Greece
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
Dec 13, 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
DIMAND SA
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)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 24.93 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 21.5
Converted using 2017-11-08 exchange rate.
Project Cost (USD)
$ 71.31 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 61.5
Converted using 2017-11-08 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Nov 8, 2017


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Project Description

This project contributes to a joint venture with Dimand SA, a leading Greek real estate developer and construction services provider. The joint venture will invest in brownfield sustainable commercial real estate and hospitality projects in Greece, with a focus on office, mixed use projects, student accommodation and city hotels.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

As part of the proposed equity investment, EBRD will contribute equity of up to EUR 21.5 million for an up to 35% shareholding in the joint venture. Dimand S.A. will contribute an equivalent of up to EUR 40 million for a 65% equity interest in the joint venture.

Private Actors

Dimand S.A., a real estate developer and construction services provider in Greece with over 10 years of experience and track record of delivering brownfield regeneration projects. Since its establishment, Dimand S.A. has developed projects with total value of ca. EUR 300 million including the first LEED Gold certified office building in Greece, Karela Office Park.

Contact Information

Nikos Dimtsas, CFO
ndim@dimand.gr
+30 210 8774 200
www.dimand.gr
37A Kifissias Av., 15123, Maroussi, Athens, Greece

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.