9 Jan 2023

NIB finances Green Chemistry R&D Park in Finland

NIB has signed a 17-year loan with Kiinteistö Oy Espoon Erica for the construction of a BREEAM certified laboratory and office building, including the acquisition of land, to boost innovation and growth through a Green Chemistry Park in Finnoo, City of Espoo in Finland.

The EUR 40 million loan will co-finance the first phase of the project delivering approximately 3,100 square metres of lettable office area, an 8,600 m2 lettable laboratory area, a 730 m2 lettable conference area 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 Phase I lettable spaces include approximately 2,900 m2 of laboratory and office space as well as a common space of around 730 m2 containing restaurant and meeting facilities which will be leased to other companies for chemical research.

“Erica is a long-term investment for us and our partners, the Church Pension Fund, and Aktia Life Insurance Ltd. We’re happy that we can develop this unique business and science center in Espoo together with NIB, Kemira and the joint venture,” says Pia Lindborg, Director Real Estate at A. Ahlström Real Estate Ltd, a subsidiary of Ahlström Capital.

“Great that the planning process is now finished and that the construction of the new laboratory and office premises of the Kemira research centre will be able to start in early 2023. The Kemira research centre has been located in Finnoo for over 50 years and will continue in the same location as we move to the new Erica Green Chemistry Park once it is completed in 2025,” says Kemira Director of Real Estate and Investment, Jari Tolvanen.

“We expect the relocation of Kemira’s research activities to the new Green Chemistry Park to boost research and innovation capacity and the collaboration between the Finnish chemical sector and academia,” says André Küüsvek, NIB President & CEO.

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

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Kim Krokfors, Senior Banker, +358 10 618 0517, kim.krokfors@nib.int

Arild Moen, Associate Director, Communications, +358 10 618 0496, arild.moen@nib.int

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