All agreed loans

Norway. Bane NOR Eiendom AS

Date of loan: 12 Oct 2018
Country: Norway
Customer: Bane NOR Eiendom AS
Amount in NOK: NOK 350 million
Amount in EUR: EUR 36.81 million
Maturity: 7 years
NACE sector / loan type: Construction
Business area: Infrastructure, transportation and telecom

Project

The loan facility has been granted to finance the construction of Bane NOR’s new office building in Oslo.

The total floor area of the building is 22,600 square meters, accommodating up to 1,400 employees.

The building is being designed and built according to BREEAM-NOR excellent classification for green buildings, including many state-of-the-art environmental and operational solutions.

The project is already under construction and is scheduled to be completed at the beginning of 2019. The total project cost is approximately NOK 700 million.

Bane NOR Eiendom AS is a subsidiary of the state-owned Bane NOR SF. Bane NOR Eiendom owns, develops and manages railway property in Norway, and is the country's leading hub developer as well as an important stakeholder in the development of public spaces and urban areas.

Fulfilment of NIB's mandate

Productivity:

The new office building will replace most of the current offices of Bane NOR, which are located in at least eight different locations in Oslo. This will allow the company to consolidate its workforce and reduce energy costs.

Further, the building will be a valuable addition to the office market in central Oslo, which is currently undergoing a gradual tightening in terms of vacancy rates. The 22,000 square meters of office area will form about 0.7% of the total office area supply in the central Oslo, forming one of the largest single office-building projects to be completed in Norway’s capital in 2019.

Environment:

Bane Nor SF’s headquarters will be certified in accordance with the “Excellent” rating under the BREEAM-NOR certification, Norway’s national modification of the world-leading Building Research Establishment Environmental Assessment Method.

The building will be equipped with photovoltaic cells that will provide approximately 100 MWh of electricity annually, corresponding to 5% of the total annual energy need. Approximately 50% of the roof terrace area will be green areas with vegetation, accommodating benefits for storm-water management and heating and cooling control.

Moreover, the central location provides easy access to the building by public transport. The building also includes parking spaces for 160 bikes as well as a parking area for 30 cars with the possibility for charging electric vehicles.

Sustainability summary

No significant sustainability issues concerning the construction of the Bane NOR’s office building have been identified.

Press release

NIB finansierer utvikling av grønne kontorer i Oslo