27476 - Eurasia RED

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Summary of Proposed Investment

Project Number

27476

Company Name

Home Mart LLP

Date SPI Disclosed

Aug 29, 2008

Country

Kazakhstan

Industry

Tourism, Retail and Property

Projected Board Date

Oct 20, 2008

Status

Completed

Sector

Construction and Real Estate

Department

Regional Industry MAS MCT

Environmental Category

B - Limited

Previous Events

Approved : Mar 26, 2009
Signed : May 18, 2009
Invested : Jun 26, 2009

Project Description

Eurasia Real Estate Development Ltd (ERED or the company) is a leading Kazakh commercial property development company which develops and leases high quality shopping malls and business centers throughout Kazakhstan. ERED currently owns an operational class B+ business center on the Manas-Satpayev street intersection in Almaty.

The company’s near term plans include building two shopping centers located in Almaty for a cost estimated at approximately $185 million. The shopping centers will also offer cultural as well as entertainment services. The project will consist of:

- a 55,000 m2 shopping center on Raimbek Avenue, Almaty; and
- a 100,000 m2 shopping center on Kulja Avenue, Almaty.

These two developments will be implemented in a phased manner. The shopping center on Raimbek Avenue was about 60% completed as of September 1, 2008 and is expected to open in February 2009. The company is planning a 45,000 m2 extension of the shopping center on Raimbek Avenue project depending on the level of demand for retail space.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	45.0
Equity

Development Impact

The project will contribute to filling the large gap between supply and demand for quality retail space in Almaty and provide much needed property infrastructure in the largest city of the country, as well as introduce modern international retail and entertainment operators to the largest city of Kazakhstan. The project will also contribute to improve Almaty’s ongoing efforts at urban renewal, its competitiveness as a domestic and regional center, and its stock of modern real estate and mass-market retail formats.

Other areas of development impacts include:

- creation of direct (over 4,000 jobs) and indirect jobs (estimated at 6,000 jobs);
- modernization of the landscape for local retail properties;
- improvement in and introduction of quality standards;
- benefit to other sectors of the economy, from suppliers of products in the shopping centers to final consumers.

IFC will play an important role in the project in terms of:

- providing and mobilizing of long-term financing needed for this type of project, and not readily available in Kazakhstan especially under the current financial markets conditions;
- demonstration effect on other potential investors, especially in light of the current instability of the domestic banking sector;
- offering of global retail and sectoral expertise;
- environmental & social standards and green building practices.

The proposed project is a category B project according to IFC''s environmental and social review procedure. A summary of IFC’s environmental and social review findings for the project including the rationale for the B categorization is available in the Environmental and Social Review Summary (ESRS).

The Environmental and Social Action Plan (ESAP), which is attached to the ESRS, contains specific tasks that the client will undertake to mitigate perceived risks and impacts from the project, and to ensure compliance with IFC’s Performance Standards

Contacts

For Inquiries About the Project, Contact

Dmitry A. Revin, Director for Finance and Business Development
Eurasia RED
32A Manas street, 3rd floor
Almaty, Kazakhstan, 050008

Telephone:+7 (727) 237 83 78 / 237 83 79
Fax: +7 (727) 237 83 00
Mobile.: +7 (701) 714 66 03
E-mail: dmitry@eurasiared.com
Website: www.eurasiared.com

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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Local Access of Project Documentation

The ESRS will be translated into Russian and Kazakh languages and locally disclosed on posters at each development site.

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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