NIB funds energy-efficient refurbishment of Oslo properties

The Nordic Investment Bank (NIB) has provided a 7-year, NOK 415 mln (€35.8 mln) loan to Norwegian real estate company Eiendomsspar for the energy-efficient refurbishment of two landmark properties in central Oslo.

Drivhuset

The funding will upgrade both properties from energy classes F/G to C, contributing to urban development.
The property at Karl Johans gate 8, Dronningens gate 23, 25, a 7,176 m² space, was converted in 2025 from office and retail into a 181-room hotel. Operated under a 15-year lease, this property achieved energy class C and is targeting BREEAM In-Use Very Good certification. Its central location is expected to help manage peak demand for accommodation in Oslo.
Nordbygata 16-18, Drivhuset, a 5,062 m² property, is undergoing a full refurbishment to at least energy class C. The Norwegian Refugee Council will establish its new headquarters there, with a 20-year lease starting in January 2027. This project, slated for completion in 2026/2027, will accommodate 350 employees, foster innovation, and support local economic activity. It also targets BREEAM-In Use Excellent certification.
Sigurd Stray, CEO of Eiendomsspar said: “We are very proud to realise the Karl Johans gate 8 and Drivhuset projects in downtown Oslo in cooperation with NIB as a sustainable lender. Both developments will contribute to positive transformation in their local areas, creating new workplaces, retail and hospitality services in the heart of Oslo. Located in Karl Johans gate, Oslo’s main parade and shopping street, we are restoring the former office building to its original purpose as a Hotel (Hotel Hobo Oslo). The rehabilitation of “Drivhuset”, comprising 5,100 m2, is the final stage of completing the “Urtekvartalet project” – the largest and most environmentally focused project in Eiendomsspar’s history.”
Patrick Nylund, senior banker at NIB added: “NIB continues its good cooperation with Eiendomsspar. This loan supports the refurbishment of two Oslo properties, improving energy efficiency and supporting local business.”