Kennedy Wilson Secures €110M In Green Loans For Dublin Offices
Global real estate investment company Kennedy Wilson has secured €110M in green loans from AIB to fund more than 140K SF of recently developed office space at Ten Hanover Quay, 20 Kildare Street and 94 St Stephen’s Green in Dublin.
The new loans follow the achievement of LEED Platinum certification at 94 St Stephen’s Green. Ten Hanover Quay and 20 Kildare Street are targeting several sustainability credentials including LEED Gold and Platinum, WELL Gold and WiredScore Platinum.
Kennedy Wilson was among the first to take part in the newly launched Irish green loan program by AIB, securing €77M in financing for The Cornerstone mixed-use development in Stillorgan earlier this year.
The company said that the green loans “strengthen the link between decarbonisation and financing strategy”, and the three projects were designed to align with the key principles of EU taxonomy, a classification system for sustainable activities that was established to boost sustainable investment as part of the European Green Deal.
The redevelopment projects included repurposing buildings, reusing existing materials and preserving historically significant assets through restoration. Kennedy Wilson prioritised energy-efficient design and operations, water conservation, responsible construction waste management and hazardous material removal, the company said.
“The creative reuse and repurposing of older existing buildings is one of the keys to a lower carbon future," Kennedy Wilson Global Sustainability Officer Peter Collins said. 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,” he added.
Kennedy Wilson primarily focuses on multifamily and office properties as well as industrial and debt investments in its investment management business.
