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Company name

Avenida Desarrollo Nuevo, S.A., Edubuilding, S.A. and EduLink, S.A.

Project number

12274-01

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Costa Rica

Sector

Social Infrastructure

Status

Proposed

Disclosed date

08/29/2018

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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10/31/2018

Approval date

11/02/2018

Signed date

04/01/2019

Sponsoring entity

Portafolio Inmobiliario, S.A.

Investment Operations Department Contact

Infrastructure and Energy Division

Investment type

Syndicated amount

USD $ 9,434,610

Financing amount

USD $ 12,067,200

Currency

USD

Project scope and objective

Edulink (EDU) and Texas Tech University (TTU) have signed a framework agreement to establish a Texas Tech University satellite campus (TTU-CR) in San Jose, Costa Rica in order to offer mainly undergraduate, postgraduate and certificate programs in English with high quality and high demand careers such as Electrical Engineering, Industrial Engineering, Information Technology, Mathematics and Restaurant Management, and Hotels and Tourism, in Costa Rica. EDU will manage the operations of the university (except for academic), as well as the marketing and student recruitment; and TTU will be responsible for the enrollment of students, the academic offering, accreditation and research activities. 

The project, Texas Tech University Campus Building ("TTU-CR") in Costa Rica (the "Project") is intended to provide long-term take-out financing of the capital expenditures associated with construction, operation and maintenance of the AE205 building which has been specifically designed for TTU-CR, located on Escazu Avenue (“Avenida Escazú”), Escazu Municipality (Cantón de Escazú), San José, Costa Rica. Avenida Desarrollo Nuevo, S.A. (“ADN”), a subsidiary controlled by Portafolio Inmobiliario, S.A. (“Portafolio”), will own, operate and maintain and sign a master lease agreement with Edubuilding, S.A. who in turn will sub-lease 7 floors plus basement and parking to EDU. The total estimated cost of the Project is estimated US$ 28 million, which will be financed through an "A" loan from the IDB Group of up to US$ 12 million. The financial plan will be completed with the participation of a B-Lenders and/or parallel lenders and through capital contributions. The main interest of the IDB Invest in participating in this innovative project is that TTU-CR is intended to address the growing demand gap for local skilled labor, which industry in Costa Rica is demanding, by specifically targeting high demand careers through tailored degrees, in English, that would create positive trickle-down effects, resulting in additional indirect job opportunities. Moreover, the building and its interior fit-out has been designed and completed taking into consideration sustainable and climate friendly principles and is pending LEED Silver certification for the exterior and LEED Platinum for the interior.

The Project has been developed within Avenida Ezcazu, a premier lifestyle center in Central America, combining work, entertainment, dining, living and open spaces in a fun and safe environment. This AE205 building has 7 floors, plus basement floor and parking, of approximately 13,476 m2 of gross leasable area (GLA), pending LEED Silver certified facility. TTU-CR will occupy 11,521 m2, approximately 85% of the total GLA.
 

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY

32.2 Kb

Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

ENVIRONMENTAL RISKS AND IMPACTS AND PROPOSED MITIGATION AND COMPENSATION MEASURES.PDF

128.9 Kb

ENVIRONMENTAL AND SOCIAL ACTION PLAN - TEXAS TECH

121.0 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

jkeith@promerica.fi.cr

PHONE NUMBER

+506 2505-7012

POST OFFICE ADDRESS

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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