Energy-efficient refurbishment of landmark properties in Oslo
NIB has signed a 7-year loan agreement with Eiendomsspar AS to finance the refurbishment of two central Oslo properties—Nordbygata 16-18, Drivhuset, and Karl Johans gate 8, Dronningens gate 23, 25—improving their energy performance and supporting urban development.
The NOK 415 million (EUR 35.8 million) loan will co-finance the upgrading of both properties from energy classes F/G to C.
Karl Johans gate 8, Dronningens gate 23, 25 has been converted from office and retail space into a 181-room hotel in 2025, operated on a 15-year lease. The 7,176 m² property was refurbished to energy class C from F/G and targets BREEAM In-Use Very Good certification. Located in the central business district of Oslo, the hotel is expected to ease pressure during peak demand periods.
Nordbygata 16-18, Drivhuset, a, is being fully refurbished from energy class F to minimum C. The anchor tenant will be the new headquarters for the humanitarian organization Norwegian Refugee council, which has signed a 20-year lease starting January 2027. The 5,062 m² project is scheduled for completion in 2026/2027 and will host 350 employees, promote innovation and social services, and support local economic activity and investment. The property is being refurbished to a minimum energy class of C from F, and targets BREEAM-In Use Excellent certification.
Sigurd Stray, CEO of Eiendomsspar said: “We are very proud to realize the Karl Johans gate 8 and Drivhuset projects in the downtown Oslo in cooperation with NIB as a sustainable lender. Both developments will contribute to positive transformation in their local areas, creating new workplaces, retail and hospitality services to the heart of Oslo. Located in Karl Johans gate, Oslo’s main parade and shopping street, we are restoring the former office building to its original purpose as a Hotel (Hotel Hobo Oslo). The rehabilitation of “Drivhuset”, comprising of 5 100 sqm., is the final stage of completing the “Urtekvartalet project” – the largest and most environmentally focused project in Eiendomsspar’s history.
“We greatly value our collaboration with NIB, now a financial partner for all the three buildings in ‘Urtekvartalet’ as well as the rehabilitation of Karl Johans gate 8.”
Patrick Nylund, Senior Banker at NIB said: “NIB continues its good cooperation with Eiendomsspar. This loan supports the refurbishment of two Oslo properties, improving energy efficiency and supporting local business.”
Founded in 1982, Eiendomsspar AS is one of Norway’s leading real estate companies, specializing in the development and management of commercial properties. The company’s portfolio includes offices, hotels, retail, and residential properties, with a focus on sustainability and urban regeneration.
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.
For further information, please contact
Patrick Nylund, Senior Banker, at +358 10 618 0329, patrick.nylund@nib.int
Arild Moen, Associated Director, Communications, +358 10 618 0496, arild.moen@nib.int
