Norway. Entra ASA
|Date of agreement:||28 Mar 2019|
|Amount in NOK:||NOK 1,500 million|
|Amount in EUR:||EUR 155 million|
|NACE sector / loan type:||Real estate activities|
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Green buildings
Amount disbursed: EUR 156.3 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
NIB is financing Entra’s development and construction of three BREEAM-NOR Excellent certified office buildings in Norway.
In Oslo, the first building is a 22,700 square-metre campus building for the Faculty of Law of the University of Oslo. This building will be completed in December 2019.
The second Oslo property is a 22,000 square-metre office building with restaurants. Its estimated opening is in September 2021.
The third building is an 11,500 square-metre office building in Trondheim. It is expected to be ready in early 2020. About half the property has already been pre-let to the Norwegian Tax Administration.
Entra is a leading owner, manager and developer of office properties in Norway. As at year-end 2018, the property portfolio consisted of 92 buildings with a total market value of NOK 46 billion. Entra is also a major issuer of bonds in the Norwegian market. Previously, NIB has invested in two green bonds issued by Entra.
Fulfilment of NIB's mandate
The new building for the Faculty of Law in Oslo will increase the quality and attractiveness of legal education and research, as teaching is currently undertaken in several scattered facilities with unsatisfactory standards for a modern learning environment. The Faculty of Law has 4,200 students and educates around 75 percent of all new legal candidates.
The investments in the two BREEAM-NOR Excellent office buildings in Oslo and Trondheim are expected to offer value both to the owner and potential tenants. This type of building is likely to inspire other organisations to aim for higher energy efficiency and office standards.
Recognised, widely used global standards of sustainable building practices like LEED and BREEAM aim to reduce the environmental impact of new and existing buildings. In the current projects, the buildings will comply with both the second highest certification level in BREEAM (Excellent) and Energy Class A.