NIB finances sustainable residential development in Finland
The Nordic Investment Bank (NIB) has signed a 10-year loan agreement with Joo Group Oy to support the construction of new residential buildings with LEED Platinum certification in Turku and Kirkkonummi, Finland.
The EUR 18.3 million loan will finance the development of four residential buildings that are all completed in 2025. The total project cost amounts to EUR 40 million.
The new buildings will add close to 300 rental apartments to Joo Group’s portfolio. The properties are located in Masala, Kirkkonummi and Pukkila, Turku where Joo Group already has a strong presence and local knowledge.
The buildings are expected to achieve LEED Platinum certification and are fully EU taxonomy aligned, with the highest energy class A and on-site solar energy generation. These are among the first residential new production projects financed by NIB.
André Küüsvek, NIB President and CEO said: “By supporting Joo Group’s investment in sustainable housing, we are contributing to the development of energy-efficient residential infrastructure in Finland. These projects demonstrate how environmental performance and urban development can go hand in hand.”
Joo Group Oy, established in 2017, is a Finnish property company specialising in residential development and investing in major urban areas. The company is majority-owned by Fastighets AB Balder, a Swedish real estate group listed on Nasdaq Stockholm.
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
Sari Cabell, Senior Banker, +358 10 618 0519, sari.cabell@nib.int
Oliver Mølvang Hermansen, Associate Communications Officer, +358 10 618 0225, oliver.hermansen@nib.int
