In the historic centre of Yerevan, Armenia's capital, an innovative, energy-efficient office complex is being constructed. At the beginning of November, the Armenian Property Development Company CJSC (Prodeco) laid the foundation stone for the "Kamar" building, which will comply with the highest environmental and energy-efficiency standards and showcase the historical importance of this area.

The construction is co-financed by DEG and the International Finance Corporation (IFC), a member of the World Bank Group. Both development finance institutions provide a 9 million US dollars long-term loan to the real estate company. IFC arranges the joint financing.

On the occasion of the foundation stone-laying ceremony, Dr. Peter Thimme, Head of department Europe, Middle East and Central Asia at DEG, said: "This innovative construction project sets an example by considering Armenia's cultural heritage while at the same time setting new energy efficiency standards in the country." He continued that in addition the construction would contribute to job creation.

Sustainable future-oriented architecture behind historical façade

Prodeco already started to draw up the design concept for the green office complex five years ago. To this end, it has been analysing the historical buildings on the building plot and its surroundings. The façade of the existing historical building on the site will largely be preserved.

The "Kamar" office complex will be the first office building in Armenia to be certified by the "Building Research Establishment Environmental Assessment Methodology" (BREEAM), an environmental assessment method for buildings. Thanks to its high energy-efficiency and environmental standards, "Kamar" is to lead the way for future-oriented commercial real estate in the country.