Green development funding of EUR 65 million for Ylva’s Lyyra project
Ylva’s majority owned and managed Helsingin Lyyra Ky has signed in total of 65 million euro development financing agreement for the Lyyra project development in Helsinki, Hakaniemi. Lenders in the loan facility are NIB and Nordea.
Helsingin Lyyra ky, which is developing the Lyyra project, is a joint venture between Ylva and Varma. The project will be completed in phases during 2023. After completion the development properties will include hotel, offices, restaurants, and apartments. Overall, the leasable area is 18,400 square meters.
“In July 2021, we established a new joint venture together with Varma, one of Finland’s largest pension insurance companies. The loan signed today continues to strengthen the Lyyra project’s position as the most significant new destination in Helsinki’s eastern city center. We are pleased that NIB and Nordea share our values and believe in our mission to develop and build a more sustainable Helsinki for all its citizens,” summarises Ylva’s CEO Leea Tolvas.
“Lyyra is showing the way in building construction by including a carbon lifecycle assessment and ambitious targets for material recovery and reducing the building’s footprint,” says André Küüsvek, President and CEO of NIB.
The Lyyra building complex aims to achieve LEED Platinum certificate which is the highest level of internationally recognized certification system. All buildings are all also targeting an A level energy performance certificate which is the highest possible according to the Finnish Ministry of Environment classification.
In addition to sustainability aspects, social responsibility matters are considered in the project. In 2019, Lyyra was selected as one of the pilot projects to join the OECD’s B4IG (Business 4 Inclusive Growth) incubator and network. Ylva is the only Finnish company in the international network of 35 companies that are pioneering in creating a more responsible market economy.
”When completed, Lyyra will revitalize its surroundings in Hakaniemi, and offer new services and lively public space for the citizens of Helsinki. The interest towards the project has been tremendous: the most recent new tenant agreement was signed last week. It is gratifying that the financiers put their trust on developments with ambitious sustainability targets and encourage the whole industry to update their practices towards ESG-compliant criteria. Many thanks to our Senior Analyst Ville Mourujärvi, who played a very important role in the negotiations,” says Ylva’s Real Estate Director Ville Vaarala.
The loan agreement signed with Nordic Investment Bank (NIB) and Nordea has seven years maturity and includes development phase as well as time after the completion.
Real Estate Director
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