Kennedy Wilson has secured a €77 million “green loan” from AIB to help fund the development of a large mixed-used development on the site of the former Stillorgan Leisureplex in south Dublin.
The developer announced on Wednesday that it was “among the first” to receive approval for loan under a new AIB loan scheme, launched earlier this year, aimed at developers who adhere to new green energy building standards.
The debt will be used to finance the development of 234 apartments, nearly 1,850sq m of retail, restaurant and cafe space as well as resident amenities and a landscaped plaza at the Cornerstone scheme in Stillorgan on the site of the former Leisureplex.
Kennedy Wilson bought the 2.5-acre site for €15 million in 2016, a substantial reduction on the €65 million which Johnny Ronan and Richard Barrett’s Treasury Holdings paid to acquire it in 2006.
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In a statement on Wednesday, the company said it was building the Cornerstone to high environmental standards, “diverting construction waste from landfills, maximising 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.”
