Early Warning System

Countries

Greece

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

Nov 16, 2021

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

Noval Property REIC

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

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

Investment Amount (USD)

$ 13.39 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 12
Converted using 2022-03-30 exchange rate.

Project Cost (USD)

$ 133.95 million

Bank Documents

Translation: Noval Property REIC (Greek)

Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 30, 2022

Disclosed by Bank Dec 9, 2021

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 website, EBRD invested EUR 12 million in a debut 7-year EUR 120 million Green Bond issued by Noval Property REIC. The Green Bond is listed on the Athens Stock Exchange and aligned with the International Capital Market Association's (ICMA) Green Bond Principles (GBP). As part of the project, Noval Property has committed to invest the EBRD's proceeds in financing green-certified assets, achieving at least LEED "Gold" or BREEAM "Very Good" certification. Noval Property, the second-largest real estate investment company in Greece in terms of assets, maintains a current portfolio of 43 commercial properties valued at EUR 390 million. The Company's investment property portfolio is well diversified across asset classes (retail: 37%; offices: 31%; hospitality 9%; industrial complexes 3%, and other asset types 19% of GAV as of 30 June 2021) covering a total gross leasable area of ca. 318,000 sqm.

Investment Description

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

European Bank for Reconstruction and Development (EBRD)

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Noval Property REIC	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.

COMPANY CONTACT INFORMATION

Mr. Panagiotis Kapetanakos, CEOpkapetanakos@noval-property.com+30 216 8608090https://noval-property.com/NOVAL PROPERTY REIC
Olympioniki Tsiklitira 41
Marousi 151 25
Greece

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