Strominvest II

completed

IFC is considering an investment, in the form of a corporate loan of up to US $17 million in EUR equivalent, to Strominvest Group (the “group”, the “company” or “Strominvest”), the leading construction and development company in the Republic of Belarus. The company is undertaking a project for a construction of an affordable housing complex, located in west of Minsk with the total size of 20,000 sq.m. and with the total project cost of US$25 million. The group’s main assets are: 10.5k sq.m. A-class business centre (Erilin), which is an existing IFC investment committed in 2008, 125 room 3 stars BonHotel (Srominvest-Estate), 3.810 sq.m. B-class business centre (Strominvest), and mixture of trade and retail centers with the total space of 2,200 sq.m. (Strominvest). Affordable housing by Strominvest is represented by high-rise apartment blocks, with average flats’ size of 58 m2, built across Minsk. Residential complexes are connected to public utilities; equipped with necessary infrastructure for comfort and safe living (like elevators, fire protection systems, ventilation); and typically include a playground for children and open parking. Kamennaya Gorka 3 (the project) will comprise two 19-storey buildings and one 10-storey building. Construction will commence in 2015 and will take 24 months to complete.