ARTNORBLIN BUILDING PROJECT

Promoter – Financial Intermediary

CAPITAL PARK SA

Location

• Poland

Description

The project concerns the redevelopment of a brownfield site and the construction of a mixed-use complex (offices/retail/culture function) in Warsaw, Poland.

Objectives

The proposed project concerns an investment loan in Warsaw, Poland to finance the development and construction of a mixed-use urban regeneration project of a former brownfield industrial site that will achieve the highest environmental standards and will have an international sustainability rating. The project incorporates elements of the historically significant disused Norblin metals factory with the creation of high specification office, an urban food and retail market hall and leisure and a new cultural museum for Warsaw of a total Gross Lease Area of approximately 64 000 sqm.

Sector(s)

• Urban development - Construction

Proposed EIB finance (Approximate amount)

EUR 60 million

Total cost (Approximate amount)

EUR 243 million

Environmental aspects

An Environmental Assessment was performed for the project and was submitted to the Warsaw Directorate of the Environment. After a public consultation period, the Directorate screened out the requirement for an Environmental Impact Assessment (EIA) and an environmental remediation plan was agreed. The remediation plan will be executed by the general contractor as part of their contractual obligation. The remediation plan in many areas of the site is based on risk-based corrective action that limits the amount of contaminated soil to be disposed of and involves either treatment of the soil offsite or onsite containment with protective barriers where it is proven not to impact human health conditions. The primary contaminant is metals that have limited migration in the soil and therefore it is unlikely to have groundwater impact and does not impact the municipal water system. An environmental inspector will be deployed as part of the remediation plan to document the completeness of the remediation.

Procurement

The promoter, Capital Park Group, is a company listed on the Warsaw stock exchange. The promoter is a private company not operating in the utilities sector and not having a status of a contracting authority. Thus, it is not covered by the EU Public Procurement Directives. As a result, the procurement of works, goods and services will follow private procurement procedures and, more specifically, a fair and transparent procedure which satisfies the criteria of economy and efficiency. The contracts awarded by the Promoter will be negotiated impartially and in line with the project's best interests. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project and satisfactory to the EIB.

Status

Signed - 21/12/2018