Early Warning System

Regions

Europe and Central Asia

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

Countries

Bulgaria
Hungary
Poland
Romania

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

May 14, 2026

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

NE Property BV

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)

$ 291.55 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 250
Converted using 2026-05-14 exchange rate.

Project Cost (USD)

$ 291.55 million

Bank Documents

Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 7, 2026

Disclosed by Bank Aug 9, 2026

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, EBRD extended an 8-year, senior, unsecured bilateral green loan of EUR 250 million to NE Property BV to finance eligible green projects, with a focus on sustainability upgrades and expansion of existing green retail buildings and sustainable new developments of primarily retail assets, in the Bank's Countries of Operations ("COOs") in Central, Southern and Eastern Europe ("CSEE") particularly in Romania, Bulgaria, Poland and Hungary.

The loan will finance eligible green projects as defined under NEPI Rockcastle's existing Green Finance Framework, that is aligned with ICMA Green Bond Principles and LMA Green Loan Principles as confirmed by a Second Party Opinion from ISS Corporate 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 B (2024 ESP). The loan will be used to fund eligible green projects in the Bank's COOs in CSEE, excluding Czech Republic, with a focus on sustainability upgrades and expansion of existing green retail buildings, sustainable new developments of primarily retail assets and their associated green building capex.

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 8-year, senior, unsecured bilateral green loan of EUR 250 million.
Total project cost: EUR 250 million

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.

NE Property BV is a private company with limited liability incorporated in The Netherlands which serves as the Group's principal financing and treasury entity and owns the locally incorporated special purpose companies holding individual assets in the portfolio. The Borrower is wholly owned by NEPI Rockcastle N.V. ("NEPI Rockcastle" or the "Guarantor"), a public company limited by shares incorporated in the Netherlands. NEPI Rockcastle is the CSEE's leading retail property investment and development group and was formed in July 2017 as a result of a merger of two significant real estate investors and operators in the CSEE, New Europe Property Investments and Rockcastle Global Real Estate.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	NE Property BV	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.

Carina Juganaru
office@nepirockcastle.com
+40 21 232 13 98
https://nepirockcastle.com/
Building A, 5th floor, 169A Calea Floreasca, Bucharest 1, 014459

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