NIB lends to green buildings in Oslo offering facilities for business and teaching the arts

NIB and the Norwegian real estate company Eiendomsspar AS have agreed on a NOK 410 million (EUR 40.8 million) investment loan for the refurbishment of the BREEAM-NOR Excellent certified building Fabrikken, and building of a new green building Veksthuset in Oslo, Norway.

The seven-year maturity loan co-finances the sustainable rehabilitation of the existing commercial “Fabrikken” building and the building of a new green office building “Veksthuset” located in Grønland, Oslo. The loan project is eligible to be funded with NIB Environmental Bond proceeds. 

The Fabrikken building covers an area of approximately 17,000 square metres and has been rented out to the School of Arts, Design, and Media of Kristiania University College. In summer 2021, over 2,000 art students moved into the new facilities, especially refurbished and equipped for the use of creative education in dance, acting, musical theatre, film, and media. 

The Veksthuset is a new building which will have a total area of approximately 24,000 square metres. Veksthuset is expected to be certified in accordance with the BREEAM-NOR Excellent green building certificate, which is the second highest certification class and evaluates the sustainability performance of the building. The completion of Veksthuset is scheduled for 2024 with the Norwegian headquarter of the European engineering consultancy firm Sweco, as main tenant.

Both buildings are part of one of Oslo city centre’s largest urban development projects “Urtekvartalet”, which consists of two rehabilitated buildings, Fabrikken and Drivhuset, and a new building, Veksthuset. The project supports the positive development of the Grønland area by establishing an exciting quarter with a vibrant student environment, efficient workplaces close to public transport, and with an urban space where restaurants, cafes, and shops meet people. Fabrikken is the first building completed.

“Both financed buildings are part of a larger urban development, creating a dynamic quarter with positive ripple effects for the area. The pandemic has underscored how crucial social meeting places like these are for well-being, productivity, and innovation,” says André Küüsvek, NIB President and CEO.

“With its 46 000 sqm. Urtekvartalet is one of the largest development projects ongoing in down town Oslo and the largest and most environmentally focused project in Eiendomsspar history. The project will be a driver in the positive transformation of the Grønland area in Oslo, by bringing thousands of students and new workers to the area, in addition to new shops and great architecture. We are also very happy with the cooperation with NIB, contributing with financing of the project, our first but not our last project together” says Christian Ringnes, Eiendomsspar CEO.

Founded in 1982, Eiendomsspar AS is one of the largest real estate companies in Norway. The company also manages the property portfolio of Victoria Eiendom and is one of the major shareholders in the hotel real estate company Pandox.

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
Patrick Nylund, Senior Client Executive, Industry at +358 50 911 0300, patrick.nylund@nib.int

Iiris Anttalainen, Communications unit, at +358 10 618 0257, iiris.anttalainen@nib.int