Project Category
Project Category
Banking, Finance and Insurance
Project Description
Project Description
The project consists of providing (i) a corporate loan facility for the development of affordable housing projects and (ii) a project finance for the construction of Ramada Encore hotel in Tbilisi, Georgia. The project is sponsored by JSC m2 Real Estate ("M2RE", the "Sponsor" - a former IFC client, the ESRS of the previous project was posted on IFC`s website on 02/01/2013), directly and indirectly 100% owned by Bank of Georgia Holdings Plc. M2RE is a diversified real estate company in Georgia focused on residential developments targeting middle class and economy class buyers. Current project portfolio comprises mainly a mix of affordable housing units, middle income units and commercial real estate. Two Special Purpose Vehicles (SPVs, the "Borrowers") will be established in Georgia (i) one for the development of at least 2 new affordable housing investments as well as other ongoing AfH projects ("AfH SPV") and (ii) one for the development of a hotel investment ("Ramada Encore SPV"). IFC is considering (i) a senior loan of up to US$7M for the Ramada Encore SPV, and (ii) a senior loan of up to US$15M and mobilizing loan up to US$15M for AfH SPV (together the "Projects"). The hotel is a 152 room, 10-storey, 3 star, Ramada Encore hotel. The project site is located on 15 Kazbegi Avenue in Tbilisi. The hotel is developed as part of a mixed used development, which will also include residential complex. The hotel will be designed and constructed under franchise agreement with Wyndham Hotel Group, and operated under management agreement with Sophos Hotels, an independent Swiss company which is active in hotel management. Total site area is 8,200 m2, out of which the hotel will occupy approximately 1,000 m2. Besides guest rooms, the hotel will have a kitchen, its own laundry, meeting rooms and underground parking. The hotel project is in its early design stage. Construction is expected to commence in January 2016 and to be completed end of 2017. Affordable housing by M2RE is represented by high-rise apartment blocks, with smallest flats around 45 m2, built across Tbilisi. Residential complexes are connected to public utilities; equipped with necessary infrastructure for comfort and safe living (like elevators, fire protection systems, ventilation); and typically include a playground for children and underground parking. Examples of completed residential complexes are 68 Chubinashvili Avenue and 13 Tamarashvili Avenue. IFC financed 3 projects of the Sponsor where the construction is currently going on. Two new developments to be started in 2015 are: 15 Kazbegi Avenue (as part of the mixed use development described above) and New Hippodrome subprojects. A full list of on-going subprojects may be viewed at M2RE`s website
Our Reference Number
Our Reference Number
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