NIB finances one of the world’s tallest timber buildings
NIB and SBB Skellefteå Perseus 6 AB have signed a SEK 1,060 million (approx. EUR 102.36 million) loan agreement for the construction of the Sara Cultural Centre in Skellefteå, northern Sweden.
The 15-year loan finances a 26,000 square metre multifunctional building that houses six theatre stages, two art galleries and the city library alongside a conference centre, hotel, and restaurants.
The Sara Cultural Centre has been constructed using locally sourced wood, benefiting the locally forestry companies, and creating new jobs in the process. Standing at almost 80 metres, the building is one of the world’s tallest timber constructions.
“Skellefteå is undergoing a rapid transformation, and this state-of-the-art cultural centre is a true statement to its progress. Following the establishment of NIB-financed Northvolt’s battery plant, the area will continue to attract new workforce for years to come. Therefore, ensuring sufficient and well-functioning social infrastructure will be key to sustainable regional growth,” says André Küüsvek, NIB President & CEO.
“We view this financing very positively, which extends SBB’s capital tied up, which is already among the longest in the Nordic market. We are also pleased to have the opportunity to broaden the investor base with a new lender that supports SBB’s investments in social infrastructure and sustainability,” says Rosel Ragnarsson, Head of Finance, Samhällsbyggnadsbolaget i Norden AB.
The Sara Cultural Centre building is certified ‘Gold’ in accordance with the Swedish green building standard Miljöbyggnad. Carbon sequestration from using timber in the construction makes the building almost carbon neutral. Energy efficient systems reduce the energy use of the building, and renewable energy produced by installed solar panels accommodate for some of the building’s energy demand.
The centre opened for visitors at the end of 2021.
SBB Skellefteå Perseus 6 AB is owned by Samhällsbyggnadsbolaget i Norden AB, a Swedish real estate company that focuses on the long-term ownership, management and development of rent-controlled residential properties in Sweden and social infrastructure properties in the Nordics. The Sara Cultural Centre is leased to Skellefteå municipality for a period of 50 years.
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
Ms Sari Cabell, Senior Client Executive, Materials & Real Estate,
at +358 10 618 0519, sari.cabell@nib.int
Mr Vytautas Brazaitis, Communications Officer, at +358 10 618 0235, vytautas.brazaitis@nib.int
