CPN is a leading real estate developer with a strong presence in the retail property sector in Thailand. With over 40 years of experience, CPN has the largest retail footprint in the country, covering 20 provinces and holding a 22% market share in terms of leasable area. CPN is part of the Central Group, one of Thailand's largest conglomerates, with a vast property network and over 5,700 employees. CPN's property portfolio includes retail-led mixed-use developments, comprising shopping malls, residences, office buildings, and hotels, with a total net lettable space of 2.3 million sqm. Nearly half of CPN’s portfolio is located in provinces outside of the Bangkok Metropolitan Area.

IFC’s debt investment of up to THB4.6 billion (approximately US$125 million equivalent) will go towards green refurbishing of selected properties, increasing green building certifications, and refinancing existing debt.

Thailand

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability as the project is expected to have limited number of specific environmental and social impacts which are manageable with implementation of good international industry practices (GIIP), standards, procedures, guidelines and design criteria. The key E&S risks of the project include: (a) adequacy of  E&S management system (ESMS) for operation of the Project Assets; (b) assurance of fair, safe and healthy working conditions, including contractor management, occupational health & safety (OHS), gender based violence and harassment (GBVH) and grievance redress; (c) resource efficiency and pollution prevention, including energy, water, wastewater and wastes; (d) life and fire safety (L&FS) infrastructure and management system, in line with local regulations, IFC Performance Standards (PSs) and World Bank Group (WBG) General Environmental, Health and Safety (EHS) guidelines; and (e) management of security personnel.