In March 2022, Niam Credit issued a senior secured loan to refinance the shopping centre Galleria Center Syd located in the south of Sweden. The loan is now being linked to major sustainability related improvements with the target to reach EU Taxonomy alignment of the asset.
Catalyst Capital, alongside its local partner NCAP, conducted a comprehensive assessment of the shopping centre’s sustainability performance, leading to the development of an extensive improvement strategy.
The estimated outcome of the strategy is a reduction in energy consumption by approximately 50% for Galleria Centre Syd’s operations (excluding tenant energy usage). The primary objective of the amendment of this loan is to achieve alignment with the EU Taxonomy criteria for making a significant contribution to climate change mitigation. This entails ensuring that the property ranks among the top 15% in energy efficiency within its segment.
- We have welcomed the development of the EU Taxonomy as a classification tool and with the amendment of this loan, we integrate the criteria in the context of sustainability-linked lending. This is a great step towards using the EU Taxonomy for financing the transition in the Real Estate sector, says Ulrika Lööf, Head of Sustainability at Niam Credit.
- We are grateful for Niam’s support on sustainability related upgrades at Center Syd. The ESG improvements are crucial to Catalyst Capital’s strategy for this property and our wider portfolio, says Kean Hird, Partner at Catalyst Capital.
Wigge & Partners acted as legal advisor to Niam Credit.
For more information, please contact:
Ulrika Lööf, Head of Sustainability Niam Credit
Cell: +46 76 125 91 30
At Niam, we are committed to equity in action – as a leading real asset manager in northern Europe, we make a meaningful difference by putting capital to work. Building on more than 25 years of trusted experience and outstanding track record, we unite leading expertise to unlock smarter investments in real estate, infrastructure and credit strategies. We are a team of specialists with a passion to perform. While delivering better solutions for our stakeholders, we also thrive in creating sustainable value in our surrounding local communities. Niam has offices in Stockholm, Helsinki, Oslo, Copenhagen and Luxembourg. For more information, please visit www.niam.com