CPN Bond (IFC-49918)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • 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
Approved
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
Aug 9, 2024
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
entral Pattana Public Company Limited
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)
$ 129.09 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 13, 2025

Disclosed by Bank Sep 25, 2024

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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.

According to the Bank’s website, the proposed investment comprises senior unsecured sustainability linked-debt by IFC, for its own account, of up to THB4.6 billion (approximately US$125 million equivalent) to Central Pattana Public Company Limited. IFC’s debt investment will go towards green refurbishing of selected properties, increasing green building certifications, and refinancing existing debt.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability as the project is expected to have limited number of specific environmental and social impacts which are manageable with implementation of good international industry practices (GIIP), standards, procedures, guidelines and design criteria. The key E&S risks of the project include: (a) adequacy of  E&S management system (ESMS) for operation of the Project Assets; (b) assurance of fair, safe and healthy working conditions, including contractor management, occupational health & safety (OHS), gender based violence and harassment (GBVH) and grievance redress; (c) resource efficiency and pollution prevention, including energy, water, wastewater and wastes; (d) life and fire safety (L&FS) infrastructure and management system, in line with local regulations, IFC Performance Standards (PSs) and World Bank Group (WBG) General Environmental, Health and Safety (EHS) guidelines; and (e) management of security personnel.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s debt investment of up to THB4.6 billion (approximately US$125 million equivalent) will go towards green refurbishing of selected properties, increasing green building certifications, and refinancing existing debt.

IFC's Investment as Approved by the Board: Loan 129.09 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Central Pattana Public Company Limited - CPN is a leading real estate developer with a strong presence in the retail property sector in Thailand. With over 40 years of experience, CPN has the largest retail footprint in the country, covering 20 provinces and holding a 22% market share in terms of leasable area. CPN is part of the Central Group, one of Thailand's largest conglomerates, with a vast property network and over 5,700 employees. CPN's property portfolio includes retail-led mixed-use developments, comprising shopping malls, residences, office buildings, and hotels, with a total net lettable space of 2.3 million sqm. Nearly half of CPN’s portfolio is located in provinces outside of the Bangkok Metropolitan Area.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Central Pattana Public Company Limited Client -

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.

Central Pattana Public Company Limited
Piyada Sookaimoath
Head of Treasury and Insurance
+662 667 5555 Ext 1664
sopiyada@centralpattana.co.th
31st floor, The Offices at Central World, 999/9 Rama 1 Road, Patumwan, Bangkok, Thailand 10330
www.centralpattana.co.th

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works