Swedish property group Vasakronan has secured a SEK 2 bn (€190 mln) green energy loan with flexible financing and a maturity of up to 10 years.
The loan is unsecured and has been provided by lender, the European Investment Bank.
Vasakronan has the option of drawing the loan over a three-year period in several tranches. The loan facility supports the new construction and renovation of five properties, all of which have a low energy consumption and climate impact.
The properties to be newly constructed or refurbished are located in different parts of Sweden, and are set to drastically reduce the energy consumption and CO2-emissions of the buildings.
All buildings will be environmentally certified to LEED Platinum, with only one project (Nöten) certified to LEED Gold, meaning all properties will have innovative and effective solutions for such matters as energy consumption.
‘The occupancy rate in the projects being financed by the EIB have already reached over 80%, and the majority of the tenants are from the public sector. Together with extensive climate efforts, this provides stability, which is valued at a premium in the market, especially in worrying times,’ says Johanna Skogestig, CEO of Vasakronan.
‘The recovery from the current crisis must be green,’ adds Thomas Östros, EIB vice-president. ‘In many parts of the world the lockdown has shown us powerful images of what a de-carbonised world could look like, and we need to invest to make that a reality’
The office properties to be financed are Celsius, a 10,200 m2 new construction allocated over seven floors in Uppsala Science Park; Nattugglan in Stockholm encompassing 15,000 m2 of new construction; Magasin X in Uppsala, Sweden’s largest office property; Nya Kronan in central Sundbyberg encompassing a total of 42,700 m2 allocated over two new buildings and Nöten in Solna comprising the total renovation of four existing buildings that are linked together through a new separate building.
