Vasakronan and NIB sign €248m loan agreement for green buildings in Sweden
Sweden-based Vasakronan has signed a Skr2,345m (€248m) long-term loan agreement with financial institution Nordic Investment Bank (NIB) to renovate and construct green buildings in Stockholm and Gothenburg.
The loan will fund the two new commercial properties that are set to obtain Platinum status under the Leadership in Energy and Environmental Design (LEED) certification system.
The Sergelhuset building in Stockholm will feature a gross floor area of 85,000m² after renovation.
Estimated to be completed by the end of 2020, the new property will include office space, shops, a hotel and apartments.
The 18,000m² Platinan project in Gothenburg will be renovated as a 75,000m² building consisting of office, residential space and a hotel. Construction of this project is expected to be completed by 2023.
NIB president and chief executive officer Henrik Normann said: “The projects fulfil NIB’s environmental mandate because they aim for the highest possible LEED certification.
"Platinum-certified buildings push real estate clients and suppliers towards sustainability through leading by example.”
The Sergelhuset renovation is expected to cost approximately Skr2,900m (€299m) and the Platinan construction is estimated to require around Skr2,200 (€227m).
Jointly owned by four Swedish National Pension Funds, Vasakronan manages a total of 179 properties as of December last year.
Image: Visualisation of the Platinan building in Gothenburg. Photo: courtesy of Vasakronan AB.