Early Warning System

Regions

Europe and Central Asia

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

Countries

Bulgaria
Czech Republic
Poland
Romania
Slovakia

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

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

MEREP 3 CEE CIV CommV

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)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 52.53 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 50
Converted using 2024-12-11 exchange rate.

Project Cost (USD)

$ 52.53 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Jul 1, 2025

Disclosed by Bank Jan 10, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 up to EUR 50 million equity investment in favour of MEREP 3 CEE CIV CommV (the "CIF"), a limited partnership incorporated in Belgium. The CIF will co-invest alongside Mitiska European Real Estate Partners 3 ("MEREP 3"), a closed-end limited partnership registered in Belgium, in commercial real estate assets located across CEE, including Poland, Romania, Bulgaria, Slovakia, and Czechia.

The Project will enable the CIF to make equity and quasi-equity investments in real estate assets that will benefit from sustainability improvements, with the objective of achieving long-term capital growth deriving from its sustainability focus. The CIF will aim to achieve BREEAM certification on all assets starting 2028 and implement sustainable energy and resource solutions.

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 FI (2019 ESP).

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

An up to EUR 50 million equity investment.

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.

MEREP 3 CEE CIV CommV is a limited partnership incorporated in Belgium. It will be managed by Mitiska REIM N.V., a fund manager and licensed AIFM, which is incorporated in Belgium. Mitiska will also act as the General Partner for the CIF. Mitiska is owned by Mitiska Holding BV, an investment company of the Geuten family, and by A3M BV. Prior to its establishment in 2009, Mitiska had more than 30 years of experience in private equity investments focusing on retail sector.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Mitiska REIM N.V.	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

Sylvie Geuten-Carpentier
sg@mitiska-reim.com
+ 32 2583 1943
www.mitiska-reim.com
Pontbeekstraat 2 B-1702 Groot-Bijgaarden (Dilbeek)

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