Globalworth Real Estate Investment Bond II (EBRD-50015)

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
Mar 14, 2018
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
Globalworth Real Estate Investment Limited
The holder of the loan, grant, or other investment.
Sectors
  • Construction
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)
$ 121.71 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 100
Converted using 2018-04-25 exchange rate.
Project Cost (USD)
$ 961.48 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 790
Converted using 2018-04-25 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 3, 2018

Disclosed by Bank Apr 25, 2018


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Project Description

EBRD approved investment in a senior unsecured corporate Eurobond issue launched by Globalworth Real Estate Investment Limited, a Guernsey incorporated public limited liability company. The Bank's investment represented 10.9% of the total bond issue.

The overall objectives of the project include:

  1. a successful fund raising of at least EUR 500 million with a tenor of at least 7 years; this was achieved at subscription, with GREIL raising a total of EUR 550 million; and
  2. a good financial and operational performance - that is monitored during the project implementation, with particular focus on growth in revenues, profitability and cash flows, as well as no payment defaults under the bond.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

The Issuer is focused on acquiring, developing and managing real estate assets in the Central and South-East Europe, with a prime emphasis on Romania and Poland. It is listed on the Alternative Investment Market of the London Stock Exchange and had a market capitalization of EUR 1.2 billion as of 10 April 2018. GREIL is the largest office property owner and developer in Romania and Poland, with a portfolio of prime office and mixed use assets worth EUR 1.8 billion as of December 31st 2017.

Contact Information

enquiries@globalworth.com
+4 (0) 372 800 000
www.globalworth.com
Globalworth Tower, 26th floor, 201 Barbu Vacarescu Boulevard, 2nd district, 020276, Bucharest,
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.