January 28 (SeeNews) - The EBRD said on Friday that it is investing an additional 50 million euro ($55.7 million) in its joint venture (JV) with Greek real-estate developer and construction services provider Dimand, increasing its overall commitment to 71.5 million euro.
The equity commitment aims to fund a new pipeline of green buildings in Greece, with a focus on offices, mixed-use projects and city hotels, the EBRD said in a statement.
The JV is 35%-owned by the EBRD and 65%-owned by Cyprus-based Arcela Investments Ltd., a wholly-owned subsidiary of Dimand.
"Notwithstanding a rise in local demand for sustainable buildings in Greece, there is still limited supply of quality new product and chronic underinvestment in the refurbishment of existing buildings. The bank’s partnership with Dimand, which centres on brownfield redevelopment projects and deep refurbishments, can thus play a major role in fostering the market’s low-carbon, climate-resilient transition," the EBRD noted.
Alongside the increase in investment limit, the bank is promoting a higher level of sustainability reporting and risk management by introducing GRESB reporting - the global environmental, social and governance (ESG) benchmark for real-estate assets, at the level of Dimand, the EBRD said.
Since the JV’s inception in 2017, the EBRD has invested in five green-certified projects in Greece, including the Piraeus Tower, the Piraeus Port Plaza 2 and 3 office buildings, the Importex office building, and the Omonoia Moxy hotel, according to the statement.
($ = 0.8969 euro)