Norway. Eiendomsspar AS
|Date of agreement:||23 Jun 2022|
|Amount in NOK:||NOK 449 million|
|Amount in EUR:||EUR 43.91 million|
|NACE sector / loan type:||Construction|
This loan contributes to climate change mitigation: 100%
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Green buildings
Amount disbursed: EUR 43.3 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
The loan has been provided for the Norwegian real estate company Eiendomsspar AS for the construction of a BREEAM Excellent green office building Veksthuset in Oslo, Norway. The project is part of one of Oslo city centre’s largest urban development projects “Urtekvartalet”, which consists of two rehabilitated buildings, the “Fabrikken” and “Drivhuset” in addition to Veksthuset.
The Veksthuset will have a gross area of approximately 24,000 square meters and is expected to be certified in accordance with the BREEAM-NOR Excellent green building certificate. Construction commenced in February 2022 and is expected to be completed in mid-2024, with the European engineering consultancy firm Sweco as the main tenant.
NIB has previously provided an initial NOK 410 million loan for the ground works of Veksthuset and the rehabilitation of Fabrikken. Together, the three buildings have a total area of 45,000 square meters, providing up to 2,000 office workplaces and 2,000 study places.
Fulfilment of NIB's mandate
Veksthuset forms part of a more extensive urban development project that contributes to the positive transformation of the Grønland area in downtown Oslo and provide up to 2,000 new workplaces and 2,000 study sites.
Given that the real estate market and office demand are shaped by economic activity and megatrends such as urbanisation, adoption of new technologies and the incentive to build in a more sustainable way, green certified buildings combined with a central location are expected to attract higher quality tenants, have higher occupancy rates as well as rent premiums that contribute to the overall economy.
The building is to be certified in accordance with the BREEAM-NOR Excellent green building certificate, which is the second highest certification class and evaluates the sustainability performance of the building. The project is eligible for financing from the proceeds of NIB Environmental Bonds.
Impact indicators in relation to the investments:
- Vacancy rate for the buildings
- Number of workplaces
- Certification level BREEAM and square meter constructed/certified
- Use of energy (kilowatt-hours per square meter and megawatt-hours per year)
NIB has not identified any significant sustainability risks.