Norway. Eiendomsspar AS

Date of agreement:23 Jun 2022
Country:Norway
Customer:Eiendomsspar AS
Amount in NOK:NOK 450 million
Amount in EUR:EUR 43.91 million
Maturity:7 years
NACE sector / loan type:Construction

This loan contributes to climate change mitigation: 100%

Project

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

Productivity:

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.

Environment:

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:

Productivity:

  • Vacancy rate for the buildings
  • Number of workplaces

Environment:

  • Certification level BREEAM and square meter constructed/certified
  • Use of energy (kilowatt-hours per square meter and megawatt-hours per year)

Sustainability summary

NIB has not identified any significant sustainability risks.

Press release
28.06.2022

NIB strengthens cooperation with Eiendomsspar for green office building in Oslo

Press release

NIB styrker samarbeidet med Eiendomsspar for Veksthuset i Oslo