Early Warning System

Countries

Turkiye

Geographic location where the impacts of the investment may be experienced.

Specific Location

South-Eastern part of Turkiye

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

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

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

Jan 24, 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

MEL3 Gayrimenkul Gelistirme Yatirim Insaat ve Ticaret A.S.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

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, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 32.64 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.
Currency conversion note:
Bank reported 30
Converted using 2024-01-24 exchange rate.

Project Cost (USD)

$ 32.64 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 10, 2024

Disclosed by Bank Jan 11, 2024

Contribute Information
Can you contribute information about this project?
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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 project consists of the provision of a long-term senior secured loan of up to EUR 30 million in favour of MEL3 Gayrimenkul Gelistirme Yatirim Insaat ve Ticaret A.S., a fully owned subsidiary of Ronesans Gayrimenkul Yatirim A.S. ("RGY"). The Loan will support the preservation of human capital and the livelihoods of people in the South-Eastern part of Turkiye, which was impacted by the earthquake on 6th of February 2023.

The Loan proceeds will be used for (i) replacing emergency bridge financing provided by RGY for the repair CAPEX of two shopping centres and (ii) support to be provided to tenants of the shopping centres in the earthquake affected region.

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.

Categorised B (2019 ESP) Environmental and Social Due Diligence (ESDD) was carried out internally by ESD, which included a review of the completed ESDD Questionnaire and other relevant documentation as well as site visits and follow-up discussion with the Company management. In parallel, a Technical Due Diligence (TDD) was conducted by an independent consultant, covering areas such as safety and structural investigation of the shopping centres impacted by the earthquakes and flooding event and review of their emergency response systems.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Provision of a long-term senior secured loan of up to EUR 30 million in favour of MEL3 Gayrimenkul Gelistirme Yatirim Insaat ve Ticaret A.S., a fully owned subsidiary of Rönesans Gayrimenkul Yatirim A.S. ("RGY").

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.

MEL3 Gayrimenkul, incorporated in Türkiye, a special purpose vehicle established by Rönesans Gayrimenkul Yatirim A.S. ("RGY") for the sole purpose of owning and operating K.Maras Piazza Shopping Centre. RGY is leader player of the Turkish commercial real estate market with its existing portfolio of 16 real estate assets.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ronesans Gayrimenkul Yatirim A.S.	Parent Company	-

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.

COMPANY CONTACT INFORMATION

Omer Sinan Tekol
sinan.tekol@rgy.com.tr
+9002164306000
rgy.com.tr
Cankaya Mah. Atatürk Blv. No. 144/146 Cankaya / Ankara

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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