Kennedy Wilson has taken one of AIB’s first green development loans.
The €77m (£65m) loan, which will also be Kennedy Wilson’s first green loan, will fund the development of the Cornerstone, a 232 apartment development in Stillorgan, south Dublin. The scheme will also include around 20,000 sq ft of retail, restaurant and café space, and a landscaped public plaza. It forms part of a wider 3,700 home residential joint venture.
AIB’s programme offers loans at preferred pricing to developers that adhere to green energy building standards. The Cornerstone is targeting LEED, WELL Gold and BREEAM Excellent certifications, and will need to meet the new Irish Green Building Council building specification to maintain the discounted loan from AIB.
Peter Collins, global sustainability officer at Kennedy Wilson, said: “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, added that it was looking forward to extending more of the loans, to “ensure that our ambition of green lending accounting for 70% of all our new lending by 2030 is achieved”.
Kennedy Wilson’s sustainable building plans for the Cornerstone prioritises diverting construction waste from landfills, maximising energy efficiency of the apartments as well as improving air quality, water efficiency, and leveraging the sustainability of the location in terms of proximity to transport links and community facilities.
The Cornerstone is targeted for completion in early 2024.
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