Triada

Is a Tier II Colombian family owned company. T riada will be in charge of developing and managing all housing projects under this investment.

Promotora 3

Is a family owned company that owns 35% of Triada. Promotora 3 is the Sponsor of this investment.

Total Project Cost is estimated at $100 mm.

The proposed IFC Investment is up to $10 mm mezzanine financing for IFC’s own account.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	10.0

* These investment figures are indicative

The development of the subprojects will take place in Colombia with focus in Bogota and Cali. Sites for each subproject are still to be determined.

(i) Address housing deficit: Colombia''s current deficit stands at 1.3 mm units that grows at 140,000 units per year. The Project will contribute to address the increasing deficit by supporting the development of 5 to 10 projects in a five period; (ii) Address shortage in housing supply: Colombian homebuilders face constraints in obtaining medium- to long-term financing, especially equity to finance land acquisition. This issue constraints the ability for homebuilders to develop larger projects and is one of the main reasons why the number of housing units built every year is not enough to address the increasing deficit. The Project will help Triada to develop larger scale projects; (iii) Alignment with Government''s priority: Housing is one of the strategic pillars of the government. President Santos is setting up the framework and designing the incentives to increase the stock of new units by 250,000 per year. The Project will be aligned with the government''s strategic priorities for the period 2012-2014 and will benefit of the incentives that the government will make available to foster housing supply.

(i) Equity is not readily available: Equity to acquire land and finance start-up costs is not readily available for low income housing in Colombia. The IFC investment will support the Company''s medium-term financing needs; and (ii) E&S Standards: The Project will benefit from having IFC''s E&S standards. This will have a replication effect into other developments outside the Project helping Triada to raise its standards and consolidating its reputation in the sector.

This is a Category B project according to IFC’s Environmental and Social Review Procedure as the potential adverse environmental and social impacts presented by the project are few in number, site-specific and have been or can be readily addressed through mitigation measures.