Finland. Kiinteistö Oy Espoon Erica

Date of agreement:14 Dec 2022
Customer:Kiinteistö Oy Espoon Erica
Amount in EUR:EUR 40 million
Maturity:17 years
NACE sector / loan type:Construction


NIB is providing a loan to co-finance the construction of a laboratory, an office building, and the acquisition of land to boost innovation and growth through a green chemistry park in Finnoo, City of Espoo in Finland.

The loan facility is for financing the first phase of the construction works, which will deliver circa 3,100 square meters of lettable office area, 8,600 m2 of lettable laboratory area, 730 m2 of lettable conference and a restaurant. The construction will be in accordance with the environmental certificate BREEAM, with the goal of obtaining “Very Good” as a minimum.

The Finnish chemicals producer Kemira Oyj will lease approximately 70% of the total Phase I area with a long-term lease agreement. Kemira’s premises will include approximately 7,000 m2 of laboratory and research space and 2,200 m2 of office space.

The other lettable spaces of the Phase I includes approximately 2,900 m2 of laboratory and office space, with common spaces of around 730 m2 containing a restaurant and meeting facilities, which will be leased to other companies doing chemical research.

The joint venture Kiinteistö Oy Espoon Erica is owned by A. Ahlström Real Estate Ltd (40.5%), The Church Pension Fund (40.5%) and Aktia Life Insurance Ltd (19%).

Fulfilment of NIB's mandate

Kemira is generally expected to benefit from the new premises in facilitating productive R&D collaboration.

Expected productivity impact related to the investment

  • Capex: EUR 82 million
  • Laboratory space total: 8,600 m2
  • Laboratory space leased by Kemira: 6,600 m2
  • Office space total: 3,100m3

The new research centre, of 22,000 gross square meters, will seek a green building certification according to BREEAM Very Good, which is the third highest level. The plan is to install solar photovoltaic cells on the roof of the building. The targeted energy class for the office, meeting and service premises is class A, which is the highest possible.

Expected environmental impact related to the investment:

  • BREEAM Very Good certification (estimated gross floor area 22,000 m2)

Sustainability summary

NIB has not identified any significant sustainability issues in connection with the project.

Press release

NIB finances Green Chemistry R&D Park in Finland

Press release

NIB rahoittaa kemianalan tutkimus- ja kehityskeskittymän rakentamista Finnooseen