US real estate investor Kennedy Wilson has secured €110 mln of green funding from AIB for three office developments in Dublin, Ireland.
The recently developed office space at Ten Hanover Quay, 20 Kildare Street and 94 St Stephen’s Green extends for over 13,006 m2.
The green loans require Kennedy Wilson to demonstrate climate change mitigation initiatives at each project.
The three projects were designed to align with the key principles of EU taxonomy, a classification scheme for sustainable activities that was established to boost sustainable investment as part of the European Green Deal.
Peter Collins, global sustainability officer at Kennedy Wilson, said: ‘The creative reuse and repurposing of older existing buildings is one of the keys to a lower carbon future. The letting of these projects ahead of our initial business plan and the long-term green financing support from AIB shows the market is increasingly aligned on these key ESG issues. This achievement demonstrates our ongoing commitment to environmentally sensitive development practices in Ireland and has helped to further align our investment strategies with our sustainability goals.’
Kennedy Wilson oversaw ambitious redevelopment projects that included repurposing buildings, re-using existing materials, and preserving historically significant assets through restoration.
Priority was given to energy efficient design and operations, water conservation, responsible construction waste management, and hazardous material removal.
The new loans came after the granting of LEED Platinum certification at 94 St Stephen’s Green.
Ten Hanover Quay and 20 Kildare Street are aiming for sustainability credentials such as LEED Gold and Platinum, WELL Gold, and WiredScore Platinum.
Kennedy Wilson was among the first to take part in the newly launched green loan program by AIB, securing €77 mln for The Cornerstone mixed-use development in Stillorgan, Ireland earlier this year.