SUSTAINABILITY RETAIL DEVELOPMENT

Promoter – Financial Intermediary

LAR ESPANA REAL ESTATE SOCIMI SA

Location

• Spain

Description

The project concerns the co-financing of an urban flagship third generation retail shopping centre development that contributes to planning-led sustainable urban regeneration in a cohesion region.

Objectives

This project will create integrated territorial development, help EIB Cohesion Priority Regions and foster economic and social cohesion.

Sector(s)

• Industry - Construction

Proposed EIB finance (Approximate amount)

EUR 70 million

Total cost (Approximate amount)

EUR 171 million

Environmental aspects

The promoter will be required to act according to the provisions of the relevant EU Directives, including the Strategic Environmental Assessment (SEA) Directive (2001/42/EC), the Environmental Impact Assessment (EIA) Directive (2014/52/EU amending 2011/92/EU), the Habitats (92/43/EEC) and Birds (2009/147/EC) Directives as well as the Water Framework Directive (2000/60/EC) as transposed into national law. Some of the components are likely to fall under Annex I or II of the EIA Directive and may be ''screened in'' by the environmental competent authority, requiring a full EIA. In compliance with the EIB's Public Disclosure Policy, the promoter will be required to provide the Bank the full EIA Study with a copy of the non-technical summary (NTS) of the EIA or, provide a website link to the location where the NTS document is published. For components having a potential impact on protected areas including Natura 2000 sites, the Promoter has to provide evidence of the compliance (including screening) with the Habitats and Birds Directives (if applicable) before the Bank funds are allocated. For components triggering art. 4.7 of the Water Framework Directive (WFD), the promoter has to provide evidence of the compliance with the WFD before the Bank funds are allocated.

Procurement

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation, then the Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation, Directives 2014/23/EU / 2014/24/EU / 2014/25/EU, where applicable, as well as Directives 92/13/EEC and 89/665/EEC as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 26/10/2018