📋 Tender Overview
Location:
Regional
Project number:
55696
Business sector:
Property and tourism
Notice type:
Private
Environmental category:
IESE
Approval date:
11 Dec 2024
Status:
Disbursing
English-language PSD published:
10 Jan 2025
Project Description
Provision of up to EUR 50 million equity investment in favour of MEREP 3 CEE CIV CommV (the "CIF"), a limited partnership incorporated in Belgium. The CIF will co-invest alongside Mitiska European Real Estate Partners 3 ("MEREP 3"), a closed-end limited partnership registered in Belgium, in commercial real estate assets located across CEE, including Poland, Romania, Bulgaria, Slovakia, and Czechia.
Project Objectives
The Project will enable the CIF to make equity and quasi-equity investments in real estate assets that will benefit from sustainability improvements, with the objective of achieving long-term capital growth deriving from its sustainability focus. The CIF will aim to achieve BREEAM certification on all assets starting 2028 and implement sustainable energy and resource solutions.
Transition Impact
ETI score: 63
ETI score: 63
Green:
The project focuses on energy efficiency and sustainability, targeting BREEAM "Very Good" certification (or equivalent), net-zero carbon by 2035, and integrating ESG assessments and principles into all phases. 100% of EBRD use of proceeds qualifies under GET methodology.
Well-Governed:
The CIF will report regularly on sustainability achievements under internationally recognised sustainability reporting schemes, such as GRESB.
Client Information
MEREP 3 CEE CIV COMMV
The CIF will be managed by Mitiska REIM N.V. ("Mitiska") a fund manager and licensed AIFM, which is incorporated in Belgium. Mitiska will also act as the General Partner for the CIF. Mitiska is owned by Mitiska Holding BV, an investment company of the Geuten family, and by A3M BV. Prior to its establishment in 2009, Mitiska had more than 30 years of experience in private equity investments focusing on retail sector.
EBRD Finance Summary
EUR 50,000,000.00
Up to EUR 50,000,000
Total Project Cost
EUR 50,000,000.00
EUR 50,000,000
Additionality
EBRD's additionality depends on strengthening the currently limited private equity presence in CEE markets. The Bank's financing is required for the project to materialise, helping to fill a funding gap and allow Mitiska to expand its investments and fully execute on its pipeline in CEE.
Environmental and Social Summary
Categorised FI (2019 ESP). Mitiska has E&S processes in line with their operations, and have developed the "Green Building Manual", a comprehensive set of guidelines that integrates ESG criteria across project development phases. Its ESG policy promotes circularity, climate resilience, pollution assessment, health and safety, and community integration, aligning with PR9 and Paris Agreement goals. The fund commits to decarbonisation by 2050, setting Science Based Targets for its
