All agreed loans

Sweden. Vasakronan AB

Date of loan: 13 May 2016
Country: Sweden
Customer: Vasakronan AB
Amount in SEK: SEK 445 million
Amount in EUR: EUR 47.7 million
Maturity: 10 years
NACE sector / loan type: Real estate activities
Business area: Industries and services

Environmental effect

This loan contributes to climate change mitigation: 100%

Financing from NIB Environmental Bond proceeds

Share of financing: 100%
Amount disbursed: EUR 47 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds

Project

The loan has been provided to finance the construction of two new commercial properties in Uppsala and in the Stockholm metropolitan area, which are to receive Platinum status under the LEED green building certification programme.

The first project is an office building located in the Frösunda area of the municipality of Solna, Stockholm. Construction began in early 2016, and upon completion in 2018, the property will have a gross area of 16,000 m2. The total construction costs are approximately SEK 400 million.

The second project, titled “Hubben”, is located in Uppsala Science Park, and will house offices, laboratories, a restaurant and a conference centre. Construction started in early 2016, and is expected to be completed by year-end 2017. The building will have a gross area of 12,850 m2. The total project cost is estimated at SEK 490 million.

Vasakronan AB is Sweden’s leading commercial property company and is jointly owned by four Swedish National Pension Funds. In December 2015, the company owned and managed 180 properties. Vasakronan is active in Sweden’s major growth regions: Stockholm, Uppsala, Gothenburg, Malmö and Lund.

Fulfilment of NIB's mandate

The Frösunda project is situated in an attractive office location in the greater Stockholm region. Vasakronan already operates four buildings in the same area, but demand for more office space is increasing. The new building will house up to 20 tenants with 1,000 workplaces.

The Frösunda property is aiming for LEED Platinum certification. The two top floors of the building will be built from wood as part of research conducted by the Bioinnovation programme. Throughout the construction process, the research programme will compare the environmental impact of the use of wood as a building material to that of concrete. New technical solutions to promote better energy efficiency of the building will be applied.

The location of the Hubben project in Uppsala Science Park is in close proximity to the premises of the Swedish Medical Products Agency, Uppsala University Hospital, the Ångström Laboratory and several academic institutions. By providing office space, laboratory and meeting facilities, the building will serve as a hub and increase the capacity of the entire science park. Uppsala County Council will be leasing 10,000 m2 on a 20-year basis.

The Hubben office building will aim for LEED Platinum certification as well and will be equipped with solar cells and effective energy recovery for the HVAC system.

Sustainability summary

No significant environmental concerns were identified.

Press release

NIB finansierar LEED-certifierad fastighetsutveckling i Sverige