NIB Nordic Investment Bank

Loan

Sweden. Vasakronan AB

Date of loan: 28 Apr 2017
Country: Sweden
Customer: Vasakronan AB
Amount in SEK: SEK 2,345 million
Amount in EUR: EUR 243.47 million
Maturity: 10 years
NACE sector / loan type: Real estate activities

Sectors

Industries and services

Environmental effect

This loan contributes to climate change mitigation: 100%

Financing from NIB Environmental Bond proceeds

Share of financing: 100%

Amount disbursed: EUR 243 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 has been provided for the renovation and replacement of two buildings, which will both aim for LEED Platinum certification.

One of the buildings is Sergelhuset, located beside Sergel’s Square in the heart of Stockholm. The building is to be renovated and transformed into office space, shops, a hotel and apartments with a gross floor area of 85,000 square metres. Construction will start in the summer of 2017 and be completed by the end of 2020.

The other project, Platinan in Gothenburg, will replace an existing building. The new building will have a gross floor area of 75,000 square metres, more than four times the size of the existing one (18,000 square metres). The area will be used for office and residential space as well as a hotel. Construction will start in the first quarter of 2017 and is expected to be completed by June 2023.

The estimated costs for the renovation of Sergelhuset are SEK 2,900 million, while the Platinan project will cost approximately SEK 2,200 million.

Vasakronan AB is Sweden’s leading commercial property developer and is jointly owned by four Swedish National Pension Funds. As of December 2016, the company owns and manages 179 properties around Stockholm, Uppsala, Gothenburg, Malmö and Lund.

Fulfilment of NIB's mandate

Both projects will aim for Platinum certification, which is the highest level in the LEED system, an international green building certification system.

Due to higher energy efficiency and more sustainability considerations taken into account in the planning phase, the buildings will add more value than comparable uncertified real estate assets in the region.

Sustainability summary

The use of energy per unit of surface will decrease substantially for both projects. However, the total impact on energy is not expected to be significant, since the new building in Gothenburg is far bigger than the one it replaces.

Back to agreed loans

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