All agreed loans

Sweden. Vasakronan AB

Date of agreement: 13 Mar 2020
Country: Sweden
Customer: Vasakronan AB
Amount in SEK: SEK 750 million
Amount in EUR: EUR 68.99 million
Maturity: 7 years
NACE sector / loan type: Construction
Business area: Financial institutions and SMEs

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%
NEB category: Green buildings
Amount disbursed: EUR 66.8 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 three buildings that will be part of the “Nya Kronan” office complex project in Sundbyberg, Stockholm. The properties will be certified under the LEED Platinum green building standard.

The project includes the construction of two new office buildings and the refurbishment of an existing property. Upon completion, the three buildings will have a combined lettable area of 47,000 m2. The main tenant will be the Swedish Tax Agency. Occupancy is planned for the end of 2021.

Nya Kronan will have solar panels on the roof and façade, and will utilise geothermal energy for heating and cooling.

Vasakronan AB is Sweden’s leading commercial property developer and is jointly owned by the First, Second, Third and Fourth Swedish National Pension Funds. The company manages and develops large property clusters, including office and retails spaces, in Stockholm, Gothenburg, Malmö, and Uppsala.

Fulfilment of NIB's mandate

Productivity:

The demand for certified green office spaces in attractive locations has been increasing throughout the Nordics. Green buildings are becoming the norm for larger, long-term tenants. Due to the higher energy efficiency levels and more sustainable use of resources, the Nya Kronan office complex is expected to have a higher property value compared to non-certified real estate assets in Stockholm.

Environment:

Vasakronan aims to certify the properties in accordance with the LEED Platinum green building standard, which is the highest level under the LEED certification. In order to minimise the use of externally produced power, photovoltaic cells will be installed. Batteries will be used to store any excess power generated. Heating and cooling will be provided by heat pumps using geothermal heat. The design of the floor layout can be changed and adjusted to future needs. Access to public transport connections is provided.

Indicators for the expected impact of the investment:

- Completion of three office buildings certified by LEED Platinum

- Vacancy rate of office space rented out three years after completion

- Energy use (kWh/m2 and MWh/a)

Sustainability summary

No significant sustainability concerns have been identified.

Press release

NIB finansierar gröna kontor i ”Nya Kronan” i Stockholm