Aura Shopping Centre

complete

The EBRD is considering providing €40 million in debt financing to OOO SibStroyInvest (the “Borrower”) for the development, construction and operation of a class-A retail and entertainment centre with a gross buildable area of 144,810 sqm and a gross leasable area of 59,479 sqm, located in Novosibirsk, Russia. The Project, which will include a strong energy efficiency component, will feature: The transaction will promote the following key areas for transition impact: OOO SibStroyInvest is a special purpose limited liability company incorporated in Russia and ultimately owned 50%/50% by Amstar Global Property Fund I L.P. and Ilicak Family of Turkey. The Sponsor is Volga Dis Ticaret ve Danismanlik Limited Sirketi, a limited liability company incorporated in Turkey. EUR 40 million. N/A Screening category and justification Screened B according to 2008 Environmental and Social Policy. The construction and operation of a new retail centre are associated with some environmental, health and safety issues, which can be readily identified, assessed and mitigated. Due Diligence undertaken and outcomes The Environmental & Social due diligence up to date included a review of the project against the EBRD’s Performance Requirements (PRs). The review confirmed that the project has been developed in accordance with the relevant national law, and there are no significant environmental issues to prevent the project's further development: the site is not contaminated and is suitable for the development; the construction is currently being carried out with the adequate permits and in accordance with Russian environmental standards; waste water from the project will be discharged into the city’s sewerage collection network and treated by the waste water treatment plant; and the project design aims to achieve higher level of energy efficiency. The due diligence, however, identified specific construction worker health, safety and legal protection issues (PR2), potential disturbance to neighbouring community (PR4), and requirements for grievance mechanism (PR10). These issues will be addressed through the implementation of the Environmental and Social Action Plan (ESAP) which is currently being finalised. Implementation requirements The project will be required to comply with the Bank’s PRs as well as ESAP. The ESAP will be comprised of worker health, safety and legal protection as well as grievance mechanisms for workers and neighbouring residents. The Bank will monitor the project’s environmental and social performance during the life of the Project by reviewing an annual environmental and social report as well as site visit where necessary and appropriate. The Project qualifies as built environment project with substantial sustainable energy investments and has been listed for energy performance assessment and corporate energy efficiency and environmental policy support. A consultant engaged by the EBRD will assist the Borrower with the organisation of a regional workshop on energy efficiency in the property sector in Novosibirsk as well as with the elaboration of the corporate energy efficiency policy guidelines. Marilena Vuiu Associate Banker, EBRD, Property and Tourism Tel: +44 (0) 207 338 6213 Email: vuium@ebrd.com