PENY Eurobond (EBRD-49558)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Romania
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
Nov 1, 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
NE PROPERTY COOPERATIEF UA
The holder of the loan, grant, or other investment.
Sectors
  • 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)
$ 279.21 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 225
Converted using 2018-01-30 exchange rate.
Project Cost (USD)
$ 1,861.40 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 1,500,000,000.00
Converted using 2018-01-30 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 1, 2018

Disclosed by Bank Jan 30, 2018


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Project Description

This project subscribes to a Eurobond first issuance, the proceeds of which will be used to fund NEPI Rockcastle's projects under development and new real estate acquisitions, with a focus on retail properties located in the wider central and eastern European region, both in capital and regional cities.

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

The EBRD has subscribed EUR 50 million into a EUR 500 million Eurobond first issuance by NE Property Cooperatief U.A. (the "Issuer") and guaranteed by NEPI Rockcastle Plc, under a larger bond Euro medium-term note ("EMTN") programme. The bond is listed on the Irish Stock Exchange and on the Bucharest Stock Exchange.

Private Actors

NEPI Rockcastle is focused on acquiring, developing and managing retail assets in central and eastern Europe. The issuer of the bond, NE Property Cooperatief UA, is incorporated in Netherlands, is owned by NEPI Rockcastle Plc , a public limited liability company incorporated in the Isle of Man and listed on the Johannesburg Stock Exchange ("JSE") and Euronext Amsterdam ("Euronext").

Contact Information

Mirela Covasa
mirela.covasa@nepirockcastle.com
+4 021 232 1398
www.nepirockcastle.com
301 # 311 Barbu Vacarescu St, 3rd floor, Bucharest 2, 020276, Romania

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.