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Euphoria Project

Bulgaria | Real Estate

Identification Code:: OP/11/0824
Total Operation Cost:: 24.000.000 EUR
Maturity:: 66 months
Operation Status:: BSTDB Approved Amount – Approval Date

7.500.000 EUR – 17 Sep 2011
: BSTDB Signed Amount – Signed Date

7.500.000 EUR – 13 Oct 2011
: Status:
Completed
Description and Purpose of the Operation:: Providing financing to Icon Borovets EOOD for the purpose of development and operation of an international standard hotel and spa complex in Borovets, Bulgaria.
Countries of Operation:: Bulgaria (100,00%)
Financial Product:: Loans
Sector:: Real Estate
Domain:: Private
Borrower/Client:: Icon Borovets EOOD was established in Bulgaria for the purpose of developing the Borovets Euphoria Club. The company is wholly owned by GEK Terna Holding, Real Estate, Construction S.A., Greece which is the holding company of GEK TERNA GROUP, one of the largest conglomerates in Greece, with major activities in: construction, production of electricity from thermal energy sources, real estate development, manufacturing industry, concessions involving construction and operation of roads, car parks, etc.
Co-Financers/Participants:: —
Guarantors/Sponsors:: GEK Terna Holding, Real Estate, Construction S.A., Greece
Developmental and Regional Cooperation Impact:: The project will contribute to the development of the tourism infrastructure, a major income and employment generating sector in Bulgaria. It will have a regional impact by attracting more tourists from Greece, Romania, Russia and Turkey.
Environmental Classification and Impact:: Screened as B category. The Environmental Assessment focused on the following EHS issues: impacts during construction stage; compliance with applicable construction norms and standards; hotel design, layout, fire safety and HVAC (heating, ventilation, and air conditioning) equipment; considered in-house arrangements for energy and water conservation, as well as solid waste and wastewater management. The above-mentioned impacts are not likely to be significant due to the size of the hotel and the appropriate impact minimization measures considered by the Borrower during construction and operation stages. These include energy efficiency, water saving, solid waste generation and segregation, as well as development of the Hotel's Environmental Policy and management systems. Overall, it is expected that the project will result in positive socio- economic impacts at the local and regional level by creating new jobs, promoting tourism and healthy life style, as well as setting new standards in hotel design and operation format in Bulgaria.
Operation Leader:: General Industries, Transport, Tourism 1, General Industries, Transport, Tourism 2
E-mail:: gitt1@bstdb.org,gitt2@bstdb.org