Norway. Entra ASA
| Date of agreement: | 13 Dec 2021 |
|---|---|
| Country: | Norway |
| Customer: | Entra ASA |
| Amount in NOK: | NOK 1,000 million |
| Amount in EUR: | EUR 101 million |
| Maturity: | 10 years |
| NACE sector / loan type: | Construction |
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Green buildings
Amount disbursed: EUR 98.1 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
Project
The loan is financing the redevelopment of two existing buildings in Oslo, Tordenskiolds gate 12 and St. Olavs plass 5, with the aim of achieving “BREEAM In Use Excellent” certification for both properties. Both buildings are scheduled for completion during Q3 2022.
The buildings are partly under protection. The aim of the redevelopment is to improve the energy efficiency of the properties.
The largest tenant of Tordenskiolds gate 12 will be a law firm, while St. Olavs plass 5 will house a number of consulting firms and Oslo Pensjonsforsikring AS.
Entra is a leading owner, manager and developer of office properties in Norway. As of September 2021, Entra’s portfolio consisted of 96 properties, located in Oslo, Bergen, Trondheim and Stavanger, with a total market value of NOK 64.1 billion. Entra is also a major issuer of bonds in the Norwegian market.
Fulfilment of NIB's mandate
Productivity:
Green certified buildings are expected to attract higher quality tenants and have higher occupancy rates. The real estate market and office demand remain somewhat uncertain in the fallout of the COVID-19 pandemic. Other drivers shaping the sector are megatrends such as urbanisation, adoption of new technologies and the imperative to build in a more sustainable way.
Environment:
Both projects are to a large extent considered to be aligned with the EU Taxonomy for climate change mitigation and are expected to each achieve BREEAM Excellent certification, meeting energy efficiency requirements.
Impact indicators in relation to the investments
Productivity:
- Vacancy rate of the office space of the two buildings
- Vacancy rate of Entra’s overall portfolio
Environment:
- Final BREEAM certification
- Use of energy (kWh/m2 per year and MWh per year)
Sustainability summary
Project: No sustainability concerns were identified.
Counterparty: Entra has a sustainability strategy in place and has defined ESG targets and key performance indicators for its own organisation, its property portfolio, development projects and its counterparties. The company’s climate impact and other environmental targets score highest in its materiality analysis. Entra has an ESG Committee that is responsible for evaluation, follow-up and implementation of the company’s ESG strategy and other new initiatives. The company reports on its ESG performance according to EPRA BPR, GRI and TCFD.
