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| Shopping centre in Stockholm The Nordic Investment Bank (NIB) and the Finland-based company Citycon have agreed on a loan amounting to EUR 30 million. Citycon will use the loan to finance the development of a shopping centre south of downtown Stockholm, in the district of Liljeholmen. The new shopping centre will follow strict environmental standards and apply a whole building approach for sustainable property development, which were essential factors in NIB's decision to participate in the financing of the project. NIB's loan is an important addition to the project, which will cost in total EUR 180 million. The maturity of the loan is 10 years. The energy consumption of buildings and properties in the industrial countries is estimated at up to 40 per cent. "The new centre will take into account principles of sustainable property development by using the newest technology, with solutions for energy efficiency and water use. District heating and cooling will also enhance energy efficiency", says NIB's Vice-President Nils E. Emilsson. Citycon is aiming for the international LEED rating (Leadership in Energy and Environment Design) for the construction of the shopping centre. The LEED rating requires, among other things, sustainable site development, water savings, energy efficiency and environmental-friendly choices of materials and resources. "We are very happy to be able to fulfil the tight requirements of NIB's lending in the current market situation. This is a concrete example of the importance and benefits of sustainable activities. Sustainable site development has secured us long-term financing from a highly valued lender", says Citycon's Chief Financial Officer Eero Sihvonen. The shopping centre in Liljeholmen is in the midst of a growing residential area with excellent public transportation connections. The building work on the new shopping centre started in May 2007 and when it is finalised, according to schedule in October 2009, the centre will have a leasable area of 28,000 square metres for some 90 businesses. The shopping centre in Liljeholmen is Citycon's largest single development project. write your comments about the article :: © 2008 Construction News :: home page |