NEPI UCL (IFC-48424)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Bulgaria
  • Romania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bulgaria and Romania
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
  • International Finance Corporation (IFC)
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 14, 2023
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 B.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
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)
$ 270.01 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 245.61
Converted using 2023-12-14 exchange rate.
Project Cost (USD)
$ 425.44 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 387
Converted using 2023-12-14 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 12, 2024

Disclosed by Bank Jan 17, 2024

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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 IFC investment consists of a green syndicated financing package with sustainability linked features of up to €500 million with a 5-year tenor for NE Property B.V. (NEPC), an existing IFC client and a wholly owned subsidiary of NEPI Rockcastle (NEPIRC or together with its subsidiaries, the Group), the largest retail property landlord and operator in Central and Eastern Europe (CEE) (the IFC Loan). The proceeds of the IFC Loan will be allocated to refinance an existing portfolio of green-certified retail assets in Bulgaria and Romania (the Project Countries), in accordance with the use of proceeds criteria and selection process described in NEPIRC’s Green Finance Framework, and more specifically, used to repay the Company’s outstanding Eurobond due on November 23, 2024.

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.

The Project is a Category B project in accordance with IFC’s Policy on Environmental and Social Sustainability. Key E&S risks and impacts associated with the Project include design and construction of buildings in accordance with national construction codes and good international industrial practices, particularly related to seismic resistance and life and fire safety; and effective implementation of the environmental, occupational health and safety management plans, including construction.

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

On December 20, 2023, IFC committed a partial tranche of approximately €387 million, consisting of (i) a 5-year senior unsecured loan of €225 million from IFC’s own account; (ii) a 5-year senior unsecured syndicated loan of €115 million; and (iii) a 5-year senior unsecured loan of approximately €47 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program.

Investment as approved by the board: Loan 245.61 million (USD)

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 B.V. (NEPC) is an existing IFC client and a wholly owned subsidiary of NEPI Rockcastle (NEPIRC or together with its subsidiaries, the Group), the largest retail property landlord and operator in Central and Eastern Europe (CEE).

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 Cooperatief U.A. Client -
- - - - NEPI Rockcastle Plc 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.

NEPI Rockcastle N.V.

CFO
+ 40 21 232 13 98
Eliza.Predoiu@nepirockcastle.com
NEPI Investment Management SRL, Building A, 5th floor, 169A Calea Floreasca, Bucharest 1, 014459
https://nepirockcastle.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works