Kennedy Wilson secured €110m in green loans from AIB to fund over 140,000ft² of recently developed office space at Ten Hanover Quay, 20 Kildare Street and 94 St Stephen’s Green in Dublin, Ireland. The green loans strengthen the link between decarbonization and financing strategy, requiring Kennedy Wilson to demonstrate climate change mitigation initiatives at each project.
The three projects were designed to achieve alignment 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 Kennedy Wilson team led ambitious redevelopment projects that included repurposing buildings, re-using existing materials, and preserving historically significant assets through sympathetic restoration. As part of the regenerations, the team prioritized energy-efficient design and operations, water conservation, responsible construction waste management, and hazardous material removal.
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 green loan program by AIB, securing €77m in financing for The Cornerstone mixed-use development in Stillorgan, Ireland earlier this year.
“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,” said Peter Collins, Global Sustainability Officer at Kennedy Wilson. “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.”