All agreed loans

Finland. Aalto University Properties Ltd

Date of agreement: 1 Feb 2013
Country: Finland
Customer: Aalto University Properties Ltd
Amount in EUR: EUR 40 million
Maturity: 18 years
NACE sector / loan type: Real estate activities
Business area: Infrastructure, transportation and telecom

Project

The loan has been provided for the financing of two projects that are a part of creating a joint campus for the Aalto University. Aalto University Properties Ltd has begun a large investment programme in order to establish the joint campus for the university in Otaniemi, Espoo. The programme will continue until 2020. It consists of several projects and this loan will finance the construction of Open Innovation House (OIH) and the renovation of the old main building of the Technical University, Otakaari 1. 

The OIH is the first project within the campus area and it provides premises for university research centres, the Nokia Research Centre and the EIT/ICT Labs Group. The building was completed during the summer 2012.

The old main building of the Technical University, Otakaari 1, was designed by Alvar Aalto. The renovation includes improved energy efficiency and ventilation systems. The project is estimated to be ready by 2015.

Aalto University Properties Ltd (Aalto-yliopistokiinteistöt Oy) is a real estate company specialised in the ownership and development of premises used by the Aalto University located in Espoo in the Helsinki metropolitan area. The company was founded in 2009 and is owned by the Aalto University Foundation and the Finnish Government (Senate Properties). It is the largest subsidiary of the Aalto University Group accounting for 88% of the group’s total assets.

Fulfilment of NIB's mandate

Sub-project 1 (Open Innovation House OIH)

The new building facilitates collaboration between academia and businesses. Such collaboration is considered to be one important channel of potential knowledge spill-overs. Innovation is one of the most important ways to raise productivity.

OIH is to be certified in accordance with a green building certificate, i.e. at the second highest level of LEED. In the EU energy certification scheme OIH is expected to receive the top ‘A’ rating. The annual use of energy can be estimated to be some 1,200 MWh less compared to what legislation requires. Considering that OIH crowds out buildings with higher specific energy consumption, the project leads to decreased CO2 emissions.

Sub-project 2 (Otakaari 1)

The project will increase the scope and the capacity of the services the building can provide to the university, which may, among other things, lead to higher enrolment rates at the university. The project may therefore contribute to higher labour productivity, due to a marginal increase in the level of education of the labour force.

Renovation of ventilation systems and improved heat insulation will reduce the use of energy in Otakaari 1. The project is expected to reduce the use of total energy by about 30%. Due to architectural values, not all building structures can be modified in order to achieve the best possible insulation.

Sustainability summary

Sub-project 1

Open Innovation House (OIH) is to be certified in accordance with a LEED Gold certificate that evaluates the performance of the building in five key areas: site sustainability, water efficiency, energy performance, building materials and indoor environmental quality.

Compared to the requirements in national legislation, the use of energy at OIH is some 1,200 MWh less than the maximum limit. The building is expected to get the top ‘A’ rating in the EU energy certification scheme and the specific energy consumption of the building is expected to be less than 90 kWh/m2. Approximately 2% of the building’s total use of energy is planned to be generated with solar panels. The project has been finalised. No complaints from environmental authorities have been received as a results of the project.

Sub-project 2

A decentralised ventilation system allows improved regulation of the incoming air compared to the current centralised system. This, the introduction of heat exchangers, and improved heat insulation will reduce the use of energy in the building. Added cooling capacity in office rooms will increase the use of energy. It is expected that the overall reduction in the use of energy is about 30% less than currently.

During the renovation waste is sorted into different fractions. Crocidolite asbestos has been found in the building and it has been disposed of properly. The building permit is granted separately to different wings. The Y- and M-wings have been granted a permit, whereas the A- and U-wings lack permits. The permit for the first is being processed, and for the second the permit will be applied for at a later date. Aalto University Properties Ltd works together with the National Board of Antiquities and Alvar Aalto Foundation to protect the architectural features of the building and to ensure the granting of permits.

Press release

NIB rahoittaa Aalto-yliopiston yhteiskampusta

 

Press release

NIB finansierar gemensamt campus för Aalto-universitetet