28826 - Elite

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Summary of Proposed Investment

Project Number

28826

Company Name

ELITE PLAZA CJSC

Date SPI Disclosed

May 5, 2010

Country

Armenia

Industry

Tourism, Retail and Property

Projected Board Date

Jun 11, 2010

Status

Completed

Sector

Construction and Real Estate

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Jun 10, 2010
Signed : Jun 17, 2010
Invested : Aug 26, 2010

Project Description

The proposed project (“Elite Plaza”) is the construction completion of an 18-floor Class-A office building located in Yerevan, Armenia. The property is located at the core of the city center, near the main square and the Central Bank offices, with excellent access by car and public transportation. The building will accommodate approximately 25,000 m² of office, retail, conference and exhibition areas. It is expected to be available for lease by mid 2011 with the objective to attract quality long-term tenants.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	5.40
Equity

Development Impact

(i) Support for Investments in IDA countries: IFC will play a role to support a local company pursue its strategic objective to develop a portfolio of real estate investment projects in Armenia and Georgia, both IDA countries, by providing long-term financing that is not currently readily available in the market. (ii) Supporting Business-Enabling Infrastructure: The Project will provide the first true Class-A office commerical building in Yerevan and contribute towards meeting the demand for Class-A commercial/office space in the country. (iii)Increased Employment: The Project will create new employment, both directly and indirectly. In addition, temporary employment will be provided to local labor during the construction phase. (iv) Demonstration Effect: IFC's participation during the crisis will encourage other investors and financial institutions to also pursue other investment opportunities with viable companies in Armenia.

(i) Industry Expertise: IFC will provide sector expertise and know-how based on our global experience in investments in other property projects. IFC's value-add in this area will help complement the Company's local knowledge and expertise in construction as it embarks on developing and operating its very first office building project. (ii) Provision of Long-Term Financing: IFC can provide longer term funding than is not readily available in the market and provides a better match to the longer-term nature of the asset. (iii) Environmental & Social Standard Setting: IFC's involvement in this Project will result in improvement in the Company's L&FS best practices in line with WBG standards. This is expected to have a subsequent trigger down impact to encourage other office building development projects in Armenia to also achieve the same L&FS standards as exemplified through this project.

Key social and environmental issues associated with this project include: life and fire safety design standards, and ongoing management of fire protection systems during operation; working conditions during construction and operation, management of occupational health and safety and environmental impacts during construction, and design and operation for efficient use of energy and water.

These issues are site-specific and readily addressed through mitigation measures. In addition, the project does not have E&S impacts related to Performance Standards 5, 6, 7 or 8. This is therefore a Category B project.

Contacts

For Inquiries About the Project, Contact

Mr. Armen Mkoyan,President,21/3, Pushkin Street, Yerevan, Armenia. Email: info@elitegroup.amTel: +374 10 566922 Fax : +374 10 566988

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

“Elite Plaza” site at Khorenatsi Street, Yerevan, Armenia.

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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