All agreed loans

Norway. Møller Eiendom Holding AS

Date of agreement: 20 May 2020
Country: Norway
Customer: Møller Eiendom Holding AS
Amount in NOK: NOK 700 million
Amount in EUR: EUR 64.5 million
Maturity: 7 years
NACE sector / loan type: Real estate activities
Business area: Industries and services

Project

The loan has been provided to finance Harbitz Torg in Skøyen, Oslo. It is one of the largest construction projects in Oslo, where the former premises of a pharmaceutical factory have been transformed into an area with residential buildings, retail, a day care centre and office spaces.

The office building Harbitzalleen 5 will be certified in accordance with the “Excellent” rating under the BREEAM  certification for green buildings.

The building provides 30,000 square metres of office space in central Oslo. The construction was completed in May 2020.

Møller Eiendom Holding AS is a real estate company with operations in Norway, Sweden, Lithuania, Latvia and Estonia.

Fulfilment of NIB's mandate

Productivity:

Environmentally sustainable office buildings are the key area of Møller Eiendom expansion. Harbitz Torg is their largest development to date, and it includes the company’s first BREEAM Excellent certified building.

The investments in BREAM Excellent office buildings are market driven and reflect the demand for sustainable building certification by tenants in Norway. The successful operation of certified green buildings is expected to further stimulate higher energy efficiency and office standards.

The new green office area will form approximately 0.9% of the total office area supply in Oslo.

Environment:

The BREAM Excellent certificate is the second highest certification class under the world-leading Building Research Establishment Environmental Assessment, which evaluates the sustainability performance of the buildings.

Harbitz Torg is estimated to reach energy efficiency levels of A/B.

During the demolition of the former industrial structures, steel was recovered from the rubble, and part of this steel has been reused to build fountains, bicycle stands and other structures in the courtyard.

Estimated impacts related to the investments:

  • BREEAM Excellent certified green building gross floor area: 30,000 m2

Sustainability summary

The demolition project included the removal of asbestos and other hazardous building materials from the former pharmaceutical industry structures dating back to the 1920s. Former underground storage tanks for oil as well as limited amounts of contaminated soil were removed in connection with the groundworks at the site.

The real estate developments in the former industrial area will provide a positive shift towards office and residential use of a central location.

Press release

NIB finansierer grønt kontorbygg på Skøyen i Oslo