Kennedy Wilson has secured a €77m “green loan” from AIB for the development of a large mixed-used development on the site of the former Stillorgan Leisureplex in south Dublin. The scheme will comprise 234 apartments, nearly 1,850m² of retail, restaurant and cafe space as well as resident amenities and a landscaped plaza. The company has originally bought the 2.5-acre sitein 2016 for €15m. The scheme is expected to be developed according to high environmental standards, including efforts to maximise energy efficiency of the apartments, and improving air and water quality. The development will also meet the new Irish Green Building Council building specification: the key prerequisite for accessing AIB’s green loan scheme.
“We are delighted to close our first green loan with AIB and to be working alongside a bank who shares in our commitment to reduce the carbon footprint of new construction projects across Ireland,” said Peter Collins, global sustainability officer at Kennedy Wilson. “The Cornerstone will deliver a top-tier experience for our future residents within a project that prioritises the environment and adds value to an already vibrant community.”
Derek O’Shea, head of development finance at AIB, said: “AIB is proud to support customers like Kennedy Wilson in order to ensure that our ambition of green lending accounting for 70 per cent of all our new lending by 2030 is achieved.”
