Project Santiago (EBRD-55212)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Czech Republic
  • Poland
  • Romania
  • Serbia
Geographic location 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
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
Dec 11, 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
AFI Europe N.V.
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
  • Infrastructure
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)
$ 126.07 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 120
Converted using 2024-12-11 exchange rate.
Loan Amount (USD)
$ 126.07 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 120
Converted using 2024-12-11 exchange rate.
Project Cost (USD)
$ 367.70 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 350
Converted using 2024-12-11 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 12, 2025

Disclosed by Bank May 2, 2025

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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.

As stated by the EBRD, the project consists of the provision of a senior secured loan of up to EUR 150 million in favour of AFI Europe N.V., a limited liability company incorporated in the Netherlands, to finance the expansion of its modern yielding portfolio of commercial properties across the CEE region, including in Serbia, Poland, Romania and the Czech Republic (the "Project").

The operation will enable the Company to expand its portfolio of modern residential for rent, office and hospitality properties across the Central and Eastern Europe region, including introducing residential for rent into new markets such as Serbia and Romania.

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

As stated by the EBRD, AFI Europe N.V. is a limited liability company incorporated in the Netherlands.

Its parent company, AFI Properties (Global), is headquartered in Israel, and develops, owns and operates landmark real estate properties in Israel and across Central and Eastern Europe (CEE), including business parks, office complexes, shopping malls, retail properties, multi-family residential projects, mixed-use developments and AFI Home apartments for rent. 

The company’s shares are listed on the Tel Aviv Stock Exchange, and is rated A2.il Positive by Midroog (Moody's) and ilA+ Stable by Maalot (S&P). AFI’s major shareholder is Big Shopping Centers Ltd with c. 89.3% of AFI’s shares.

The company’s operations date back to the early 1970s, when it was a division within one of Israel’s biggest real estate groups. In 1997 the company began its investments and development activity in Europe, and in 2004 AFI was listed on the Tel Aviv Stock Exchange. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - AFI Properties Client Industry and Trade

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.

Parent Company - AFI Global:

Anat Dafna
Email: Anatd@afi.global
Phone: +972(52)8511548
Website: https://afi-properties.com/?lang=en
Address: 4 Derech Hahoresh Yehud 5647003, Israel

Client - AFI Europe N.V.:

Phone: +31 20 427 0146
Email: AFIEurope@afi.global
Address: Herengracht 456, 1017 CA Amsterdam, Netherlands

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

How it works

How it works