All agreed loans

Sweden. Vacse AB (publ)

Date of agreement: 5 Jul 2019
Country: Sweden
Customer: Vacse AB (publ)
Amount in SEK: SEK 400 million
Amount in EUR: EUR 37.9 million
Maturity: 10 years
NACE sector / loan type: Real estate activities
Business area: Industries and services

Project

The loan has been provided to Vacse AB (publ) to finance the development and construction of two new real estate properties, both of which are expected to receive BREEAM Excellent certification.

The first property, called 'Färgskrapan', is a multi-tenant court building located in Sollentuna, just north of Stockholm, and has a total leasable area of approximately 15,000 square metres. According to the agreement with the entrepreneur of the development and construction, the property shall be eligible for a BREEAM Excellent certification once completed. The building will host the extension to the Attunda District Court, a specialized high security District Court as well as offices rented by the Swedish National Courts Administration (Domstolsverket), respectively, on a 25-year rental agreement. The rental agreement with the National Courts Administration covers approximately 60% of the total leasable area of 'Färgskrapan'. The rental agreements for the remaining 40% are under negotiation. The ground floor with large glass walls will host a café/restaurant and some shops. The building is expected to be ready in spring 2020.

The new joint head office of the Swedish Board of Agriculture (Jordbruksverket) and the Swedish Forest Agency (Skogsstyrelsen) is currently being built in Jönköping. According to the agreement with the entrepreneur of the development and construction, the property shall be eligible for a BREEAM Excellent certification once completed in early 2021. The property will comprise an office space of 15,000 square metres. The rental agreement has a tenure of six years.

Vacse AB (publ) is a real estate company founded 2009, specialising in modern properties with public tenants. Vacse is in a growth phase and the aggregate market value of its real estate properties amounts to SEK 6.2 billion. Vacse is based in Stockholm, Sweden, and is owned by seven pension funds related to Apoteket, Atlas Copco, Ericsson, Sandvik, Skanska, Stora Enso and Volvo.

The single largest tenants are the Swedish police (38%) followed by the Swedish prison and probation service (25%) and the Swedish courts administration (16%).

Fulfilment of NIB's mandate

Productivity:

Due to higher energy efficiency and more efficient use of other resources, the buildings will have a higher added value (and therefore productivity) than other comparable uncertified real-estate assets in the region.

There could also be a so-called demonstration effect – the project can inspire other firms to aim at higher energy efficiency and office worker wellbeing standards.

Environment:

Vacse plans to certify the two new buildings in accordance with the BREEAM Excellent green building standard, which is BREEAM´s second highest certification level and evaluates the sustainability performance of the buildings.

Expected annual productivity and environmental impact related to the investment:

- Certification level BREEAM and 15,000 + 15,000m2 constructed/certified

- Use of energy (42 and 65 kWh/m2 and 680 and 1,100 MWh/y)

- Generation photovoltaic cells (25,000 and 42,000 MWh/y)

Sustainability summary

No significant risk identified.

Press release

NIB finansierar hållbara kontorshus som ägs av Vacse i Sverige