SPSH

hold

?The proposed project involves IFCs straight equity investment in Invesdian Pte Ltd - a new, to be formed, student housing platform (hereinafter referred to as “Platform” or the “Company”) to be managed by?SPIRE Investment Manager Pte. Ltd (“SPIRE”) (https://spireim.com/). SPIRE was established in 2013 in Singapore and its principal activity is to provide investment management and other related services. Shapoorji Pallonji Investment Advisors Private Limited (“SPIA”) (https://spinvestmentadvisors.com/index.php) is the investment advisor to SPIRE. SPIA is a part of the Shapoorji Pallonji Group (“SP Group”) - a leading Indian business house with an experience of more than 160 years in real estate development, construction, infrastructure and engineering and an existing IFC client. Both SPIA and SPIRE have successfully advised on two real estate fund platforms (SPREP and SPREF II - https://spireim.com/portfolio.html) focusing on Grade A, Information Technology (IT), Special Economic Zone (SEZ) building complexes and office properties. Roche Holdings Ltd. Mauritius, owned by Mr. Shapoorji Pallonji Mistry will be the Sponsor of the Platform.SPIRE and SPIA currently plans to diversify into Purpose-built Student Accommodation (PBSA) sector through a new “Platform” – Invesdian Pte Ltd referred above. The Platform is focused on the development, ownership, and operation of a portfolio of high quality?PBSA projects catering to students of higher education institutions (“HEIs”) across multiple cities and towns in India. Once the Platform is set-up, SPIA management team will transition into management of the Platform for managing the PBSA projects. The SP Group has been an IFC client since 2015. IFC invested in an affordable housing development platform company called Joyville Shapoorji Housing Private Limited, promoted by Shapoorji Pallonji Company Private Limited (“SPCPL”) which is the SP Group’s flagship company (Refer to E&S Review Summary disclosed at https://disclosures.ifc.org/project-detail/ESRS/34628/spah). The E&S performance of this active project based on IFCs monitoring and supervision activities to date indicate “satisfactory” performance. Notably, on this project, there is an active Compliance Advisor Ombudsman (CAO) complaint currently under CAO investigation phase in one of the sub-projects (Refer to https://www.cao-ombudsman.org/case/india-shapoorji-pallonji-01pune). The ongoing CAO case raised in 2020 pertains to a land title claim from a former tenant on a part of the land parcel used for development of one of the sub-projects developed by Joyville with IFC financing. However, IFC will apply the lessons learned from this ongoing CAO complaint in this project.