Property investor Kennedy Wilson has secured €77 million in low-cost green financing from AIB for a large residential and commercial development in Stillorgan, south Co. Dublin.
he California-based firm has been a major player in the Irish property market since buying up developments in the wake of the financial crisis, initially at massive discounts to their boom-era valuations.
The AIB development loan is for The Cornerstone, a 232 residence and 1,850 sqm retail and hospitality development on the site of the former Stillorgan Bowl (Leisureplex) near UCD.
Green funding is available for projects that meet environmental standards.
Kennedy Wilson said it is committed to developing The Cornerstone to high environmental standards, is aiming for industry LEED, WELL Gold and BREEAM Excellent certifications and will meet the Irish Green Building Council’s (IGBC) new building specification.
This is required to maintain AIB’s discounted loan.
“We are delighted to complete our first green loan with AIB and to partner with a bank that shares our commitment to reducing the carbon footprint of new developments across Ireland,” said Peter Collins, Global Sustainability Officer at Kennedy Wilson.
AIB has issued ‘green bonds’ in the markets to fund lending to borrowers who meet environmental standards and has leveraged a large and growing investor base to provide lower cost lending to borrowers in Ireland.
The bank has also doubled its Climate Action Fund, which lends to projects focused on the transition to a low-carbon economy, to €10 billion and says green lending will account for 70 percent of all new lending by 2030.
Meanwhile, in an independent commercial real estate business, Eagle Street Partners has announced the acquisition of Boole House, a 42,000 sqft commercial office on the Beech Hill Office campus in Clonskeagh, Dublin 6.
Capitalflow is providing the senior financing for the acquisition.
The Boole House is currently vacant and renovation plans are enacted.
It is Eagle Street’s first deal since the untimely death of its co-founder and chairman Justin Bickel in July.
https://www.independent.ie/business/kennedy-wilson-taps-aib-for-77m-green-loan-41919324.html Kennedy Wilson appoints AIB for €77 million green loan