Vasakronan signs loan agreement for green buildings in Sweden

The contract has been signed between the Swedish commercial property company and the Nordic Investment Bank (NIB) with the objective to create two green buildings in the cities of Stockholm and Gothenburg.

The proceeds of NIB Environmental Bonds fund the ten-year maturity loan that is to finance two new commercial properties.

Both buildings would receive Platinum status under the LEED certification system.

Henrik Normann, NIB president and CEO, 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.”

Located in the heart of Stockholm, the Sergelhuset building is to be refurbished and include office space, shops, a hotel and apartments with a gross floor area of 85,000 square meters. The construction work is expected to start this summer and its completion is scheduled in 2020. The green building project cost is estimated at SEK2.9bn.

The second building, the Platinan, is situated in Gothenburg. Work replacement of an existing 18,000 square feet structure is required for this project in order to receive a new one with a gross floor area of 75,000 square meters. An office, a residential space and a hotel are also to be features at the new green building. The construction of the SEK2.2bn project is ongoing. It should meet completion in June 2023.