NIB funds Sweden’s major timber office project

The Nordic Investment Bank (NIB) is providing a 10-year loan of SEK 1 bn (€91 mln) to Vasakronan for the construction of Kaj 16 in Gothenburg. 

Kaj 16, Gothenburg - Vasakronan

This project is one of Sweden's largest timber building initiatives, with 12 out of 16 floors constructed from wood.
Kaj 16 will be a 30,000 m2 office building offering mixed-use spaces for various businesses. It is designed to achieve the highest LEED Platinum certification, with move-in expected from mid-2027. SEB will be the primary tenant, occupying 12,800 m2 (42% of the total space) under a 10-year lease.
Sustainability is a key focus for the project, incorporating recycled materials from the previous on-site structure, installing solar panels, and implementing energy-efficient solutions to meet Energy Class A standards.
Thomas Nystedt, Group Treasurer at Vasakronan, said: “The Nordic Investment Bank has a strong climate focus and places high sustainability demands on the companies and institutions it lends to. That is why we are pleased and proud that the bank has, on several occasions, granted loans to Vasakronan for projects that meet very high sustainability standards.”
André Küüsvek, NIB president and CEO, added: “Vasakronan is a frontrunner in sustainable newbuilds in the Nordics. With Kaj 16, they show what climate-smart urban development can achieve, combining innovative timber construction and circular material uses.”
Vasakronan is a commercial property developer in the Nordic region, owned by Sweden's three national pension funds. They specialise in owning, managing, and developing properties across major Swedish cities, including Stockholm, Gothenburg, Malmö, and Uppsala.
NIB, the Nordic Investment Bank, is a financial institution owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. It provides financing for projects that aim to enhance productivity and improve the environment within the Nordic-Baltic region.