Environmental Review Summary
Project Number
10558
Company Name
Astana Business and Shopping Center
Date ERS Disclosed
Jul 27, 2001
Country
Kazakhstan
Region
Central Asia and Turkiye
Environmental Category
B - Limited
Status
Completed
Previous Events
Approved : Mar 26, 2002
Signed : May 8, 2003
Invested : Jul 30, 2003
Sector
Other (Including Restaurants, Amusement Parks, etc.)
Industry
other
Department
Regional Industry MAS MCT
Project Description
Background and Rationale: The project involves the development of a business and shopping center to respond to the anticipated demand for quality office and shopping space in Astana, Kazakhstan’s growing new capital. Until June 1998, Almaty was the capital city and business and commercial center of Kazakhstan. However, by the end of 1998, Astana effectively became Kazakhstan''s new capital and most of the national government administration has since been moved to Astana. Businesses and foreign investors have also started to establish their presence in Astana. However, the lack of quality business infrastructure has been an impediment to more rapid movement of businesses to Astana. This has also hindered Astana''s emergence as a fully developed new capital. Astana Business and Shopping Center (ABS, or the company) responds to this growing need for modern business and office space in the emerging capital city of Kazakhstan. ABS is the first business and shopping center of Astana to full international standards, and is a landmark development.
Project Description: ABS, a US$22 million project, is located in a prestigious area of Astana at the intersection of the city’s busiest commercial avenues leading to government, city administration, and diplomatic quarters. It consists of a 20-floor office/residential tower with net leasable area of about 8,860 m2 and a 3 floor shopping area (approximately 5,000 m2). The building is equipped with modern facilities, including a fitness center, central heating and air-conditioning, security systems, information technology network, communications systems, fire detectors and sprinklers. The project has been developed by Ahsel Group of Turkey, which has been active in Kazakhstan, most notably through its Regent Ankara Hotel in Almaty. Ahsel owns the Company through two of its subsidiaries (see "Sponsor/s" section below).
IFC has been requested to provide a term loan of up to US$5 million to facilitate the ABS completion in time for the ongoing relocation of government, administration and businesses from Almaty to Astana. ABS is almost complete and the first office tenants are expected to move in a few months. The shopping center is already fully leased out and has an anchor tenant, Ramstore, which is a well-known retailing chain owned by the Koc Group of Turkey. IFC financed the first Ramstore in Almaty (IFC/R99-84), and expansion financing is under consideration (Rambutya II). Target clients include major international players in the Kazakhstan market such as large oil and gas organizations, accounting firms, law firms, foreign banks and diplomatic missions.
Project Description: ABS, a US$22 million project, is located in a prestigious area of Astana at the intersection of the city’s busiest commercial avenues leading to government, city administration, and diplomatic quarters. It consists of a 20-floor office/residential tower with net leasable area of about 8,860 m2 and a 3 floor shopping area (approximately 5,000 m2). The building is equipped with modern facilities, including a fitness center, central heating and air-conditioning, security systems, information technology network, communications systems, fire detectors and sprinklers. The project has been developed by Ahsel Group of Turkey, which has been active in Kazakhstan, most notably through its Regent Ankara Hotel in Almaty. Ahsel owns the Company through two of its subsidiaries (see "Sponsor/s" section below).
IFC has been requested to provide a term loan of up to US$5 million to facilitate the ABS completion in time for the ongoing relocation of government, administration and businesses from Almaty to Astana. ABS is almost complete and the first office tenants are expected to move in a few months. The shopping center is already fully leased out and has an anchor tenant, Ramstore, which is a well-known retailing chain owned by the Koc Group of Turkey. IFC financed the first Ramstore in Almaty (IFC/R99-84), and expansion financing is under consideration (Rambutya II). Target clients include major international players in the Kazakhstan market such as large oil and gas organizations, accounting firms, law firms, foreign banks and diplomatic missions.
Environmental and Social
Conclusion & Monitoring
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