Sweden. Vasakronan AB
| Date of agreement: | 21 Mar 2024 |
|---|---|
| Country: | Sweden |
| Customer: | Vasakronan AB |
| Amount in SEK: | SEK 590 million |
| Amount in EUR: | EUR 52 million |
| Maturity: | 10 years |
| NACE sector / loan type: | Real estate activities |
This loan contributes to climate change mitigation: 100%
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Energy efficiency
Amount disbursed: EUR 51.5 million
This project has been financed with the proceeds of NEBs issued under the previous framework
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
NIB and the Swedish property company Vasakronan AB (publ) have agreed on a SEK 590 million 10-year loan for the financing of the redevelopment and refurbishment of the buildings Lumi in Uppsala and Hötorgshus 2 in Stockholm in Sweden. Both buildings are to be LEED Platinum-certified.
The entire loan is eligible for financing through NIB Environmental Bonds.
The approx. 15,000 square metres of the Lumi office property in Uppsala, built in the 1970s, will be renovated, with completion expected by the end of 2024. The redevelopment, costing SEK 740 million, aims to improve the energy class from G to B, resulting in a 77% decrease in energy demand. The project’s focus is to conserve and extend the existing building, reusing a significant amount of materials from demolition activity on the site.
NIB will also finance the redevelopment of Hötorgshus 2 in Stockholm, an office building from the early 1960s in the central business district. The renovation will be of approximately 8,191 square metres, with completion expected in 2024. The aim of the redevelopment is to respect the building’s historical value, while upgrading its energy rating from class F to at least C, cutting energy demand by 71%. The total renovation cost is SEK 440 million.
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 retail spaces, in Stockholm, Gothenburg, Malmö and Uppsala.
Fulfilment of NIB's mandate
Lumi
Productivity:
- Expected to contribute to innovations and scientific advancement due to updated facilities.
Environment:
- Project focuses on the conversion and extension of the existing building, utilising a significant amount of reused materials.
- Energy class upgrade from G to B, with a 77% decrease in energy demand.
- Installation of solar panels to cover about 20% of the building’s energy needs.
- LEED Platinum certification.
Hötorgshus 2:
Productivity:
- Expected to result in significant efficiency improvements and make the building more attractive to tenants due to energy savings.
Environment:
- Energy class to be upgraded from F to at least C, with a 71% decrease in energy demand.
- LEED Platinum certification
Sustainability summary
No significant realisation risks have been identified.
