Eiendomsspar AS

The loan has been provided for financing of the refurbishment of the real estate properties Nordbygata 16-18, Drivhuset, and Karl Johans gate 8/ Dronningens gate 23, 25 in Oslo, Norway.

Karl Johans gate 8 / Dronningens gate 23, 25 are being refurbished from office and retail spaces into a 181-room hotel. The 7,176 m² property will be upgraded from energy class F/G to C, targeting BREEAM In-Use Very Good. The premises are leased to a hotel operator on a 15-year lease. The project was finalised in October 2025.

Nordbygata 16-18, Drivhuset, is being fully refurbished, upgrading its energy class from F to C. The 5,158 m² building is already leased to two clients. The project is scheduled for completion in January 2027.

Karl Johans gate 8 / Dronningens gate 23, 25

Productivity
The Hobo Hotel adds 181 rooms, increasing Oslo’s hotel capacity by about 1%. Located in the Central Business District, it’s expected to operate at around 70% occupancy, in line with market averages, increasing competition and easing pressure during peak demand.

Nordbygata 16-18

Productivity

The refurbished building will accommodate 350 employees and deliver greater operational efficiency and help reduce long-term costs. Transforming Urtekvartalet into a hub for entrepreneurship and creative collaboration is expected to stimulate local economic activity and attract further investment.

Environment

Both projects will improve energy performance from Energy performance certificates F/G to C, with Karl Johans gate 8/Hobo also aiming for BREEAM In-Use Very Good certification, and Nordbygata 16-18 aiming for BREEAM In-Use Excellent certification.

Renovating these buildings is considered more sustainable than constructing new ones from a life cycle perspective.