International Finance Corporation (World Bank Group) makes €150M Sustainability-Linked Investment in Lion’s Head


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International Finance Corporation (IFC) has provided a €150m investment with sustainability-linked features to Lion’s Head Investments (LHI), a commercial property platform in Bulgaria and Romania – JV between Old Mutual Property and AG Capital. The IFC facility includes a convertible instrument and a syndicated loan.

Lion’s Head currently owns and operates five office buildings situated in prime locations, two in Sofia – Polygraphia Office Center and Megapark and three in Bucharest – Oregon Park A, B & C. As of end-2023, the office buildings reached over 95% occupancy with global tenants such as Oracle, Deloitte, EY, Thermo Fisher, Bosch, Groupama. All of the buildings have green certificates (BREEAM and LEED) and high level of sustainability.

LHI is in process of building a new platform in the logistics and light industrial market in Bulgaria and Romania, which will be further supported by IFC’s investment. The company’s logistics assets will be certified with the IFC’s EDGE Advanced green building certification.

“Strengthening logistics infrastructure and connectivity within regional and global value chains remain important objectives for Bulgaria and Romania in the current context” said Ary Naïm, IFC Manager for Central and South Europe. “It is key for any new piece of infrastructure in the region to be built with the highest energy-efficiency standards, and we are pleased to be mobilizing financing to support LHI in the pursuit of this dual goal.”

“I am genuinely pleased that after five years of successful partnership with Old Mutual, IFC has become our new global partner in Lion’s Head. This is a testament to the outstanding credentials of our business, and I am looking forward to further expanding our platform in the region,” commented Mr. Christo Iliev, AG Capital’s Founder,

Lion’s Head Investments is a JV between Old Mutual Property, part of Old Mutual Limited, a major South African financial conglomerate, and AG Capital (AGC), a leading regional real estate group.

Old Mutual Limited is a publicly listed company on the Johannesburg Stock Exchange with the South African Public Investment Corporation holding 17% and BlackRock holding 6%. Established in 1845, it is one of the oldest brands in South Africa, has presence in 14 countries and market capitalization of €3b.

AGC is controlled by Christo Iliev, and is a real estate focused group of companies with presence in Romania, Bulgaria and Poland. AGC has commercial and residential real estate platforms and partners with international institutional investors in the CEE region.

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit

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