Adriatic Marinas

pending

Established in 2007, Adriatic Marinas d.o.o. and its affiliates (jointly, “AM” or the “Company”) is an owner, developer and asset manager of residences, retail stores, hotel and marina in Tivat, Montenegro. The company has three main business segments: (i) retail and facility management operations; (ii) marina operations; and (iii) property development. In addition, the company currently owns two hotel properties which are operated by international hotel chains.The proposed investment comprises a senior, secured A Loan of up to €85 million and B or Parallel Loan of up to €65 million, to be committed in several tranches. The IFC loan will feature an incentive-based structure tied to AM’s achievement of high environmental standards and sustainable practices in water use, waste management, and energy efficiency – demonstrated by obtaining an internationally recognized sustainability standard for tourism and hospitality assets that benchmarks and certifies environmental performance (“Blue Certification”) for its new SIRO hotel. The proposed IFC investment will finance a portion of AM’s five-year investment plan, increasing the completion rate of the whole development from about 24 percent to about 47 percent. This development phase includes investments into: - the SIRO hotel and supporting facilities; - mid-market food and non-food retail space and recreational facilities, including Tivat’s first cinema; - multipurpose creative industry space with studios for media and content production to support creative industry development; - a modern outpatient clinic serving both Tivat village and the wider local community; - the upkeep and enhancement of existing facilities within the development; - related infrastructure and utilities, including roads, sewage systems, laundry facilities, and telecommunication networks; and - other contingency costs in relation to the above construction activities (the “Project”). SIRO is operated by Kerzner International (https://www.kerzner.com/) (“Kerzner” or the “Operator”). The hotel became operational in May 2025. Other assets under this investment will be operated by the company. Synchro North will have anchor tenants including an outpatient clinic and kindergarten. Construction works for all facilities are expected to commence by the beginning of 2026. AM holds long-term ground and water concession rights on government-owned land, covering approximately 240,000 sqm, since 2007. Currently, the site includes a marina with 512 berths, 620 residences across 11 buildings, 153 retail units, two hotels, a naval history museum, and educational facilities. Previously a military shipyard, the site underwent land remediation in 2010 before the first stage of development.All facilities and properties are within the existing footprint, and no footprint expansion is required for any projects under this investment.