23 Jun 2016

NIB finances NorgesGruppen’s cooling hub in southern Norway

The ASKO cooling hub in Vestby. Image: NorgesGruppen ASA.

NIB and the Norwegian grocery and wholesale retailer NorgesGruppen ASA have signed a ten-year maturity loan of NOK 500 million (EUR 53 million) to finance the construction of a new semi-centralised cooling hub in Vestby, south of Oslo.

NorgesGruppen’s wholesale distribution division, ASKO, is responsible for the stocking and delivery of food products to grocery stores, retail outlets and institutions across Norway. The new cooling hub is being constructed next to ASKO’s existing co-loading hub and its central hub in Vestby, which will further concentrate storage and delivery operations.

Construction began in 2014, and upon completion in 2017, the new cooling hub will have a gross floor area of 22,000 m². The new cooling hub will release capacity in four regional hubs thanks to its increased share of stocked goods and the improved distribution of chilled food products throughout Norway.

The project is expected to reduce operational costs and improve productivity by releasing capacity in other regional logistic centres. Further, the building is located within one of Norway’s largest solar panel park, and preparations will be made for the installation of rooftop solar panels to enable energy efficient operation of the premises.

NorgesGruppen ASA is Norway’s largest retailer and grocery wholesaling group and it operates various retail outlets and supermarkets. NorgesGruppen is headquartered in Oslo. Over 40,000 people are employed by the group and its retailers.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Vagn Lundhøj, Senior Manager Origination, at +358 10 618 0370,

Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234,