Zemun Retail Park

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Translated version of this PSD: Serbian The EBRD is providing financing for the development and construction of the first phase of a retail park in Zemun, Belgrade with a net leasable area of 15,309 sq. m. and parking for 385 cars. Through this transaction, the EBRD will support the entry of an experienced developer into the Serbian market. The project will also address the under development of Belgrade’s and Serbia’s modern retail market, delivering an affordable retail format. The Project will deliver a good quality retail park to Zemun, Belgrade thus facilitating an expansion of retailers into the market at a stage of early development. The project will be carried out by Jelmil d.o.o. and Konzulpro d.o.o., special purpose companies, indirectly wholly owned by Jerusalem Economy Ltd. and Industrial Building Corporation Ltd., in equal shares. Jerusalem Economy Ltd. and Industrial Building Corporation Ltd. are among the leading real estate companies in Israel, with income generating properties worldwide. EUR 13.5 million long term debt facility under A/B structure. EUR 25.5 million. The project was categorized “B”, which means that an environmental and social analysis was required by the Bank, in accordance with the 2008 Environmental and Social Policy and Performance Requirements (“PRs”) .The project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan Environmental and Social Issues The company is an existing client of the Bank and has shown adequate environmental and social risk management capacities in relation to the preceding projects. Due diligence including the Bank’s environmental staff showed that there are no significant environmental and social issues associated with the project. The project has been developed with adequate local/national official environmental/zoning approvals. An Environmental and Social Action Plan (ESAP) will address construction worker OHS, grievance mechanisms for the construction workers/public and life and fire safety issues. The project is required to comply with PRs and submit an annual environmental and social report to the Bank. The Bank will monitor the project’s environmental and social performance by reviewing the annual report and monitoring visit if necessary. The Bank will implement for the first time a resource efficiency assessment, combined with an ecological footprint assessment on project-level. None. Nir Makdasi Industrial Building Corporation Ltd. Country Manager for Serbia Ackerstein Towers B; 11 Hamenofim Street; Herzliya Pituach, Israel Email: nir@building.co.il