Alecta is investing just over SEK 1 billion in the UK’s largest climate-neutral office property 105 Victoria Street
6 April 2022
Alecta is investing just over SEK 1 billion in 105 Victoria Street, which will be the UK’s largest climate-neutral office property. This means that the building, when completed, will not adversely affect the climate through greenhouse gas emissions. To become climate neutral, innovative building techniques are used that contribute to minimal emissions.
The investment is made via a co-investment together with WELPUT and other co-investors. WELPUT is a real estate fund specializing in office properties in London managed by BentallGreenOak, where Alecta is the largest owner and has been the owner for over 15 years. The office property will be located in a strong office location in central London with the address 105 Victoria Street, a stone’s throw from Victoria station. Skanska has been commissioned to build the property, with construction starting in July 2022 and goal to be completed in 2026.
– 105 Victoria Street will serve as a model for many other construction projects in the coming years through the innovative solutions developed to minimize emissions. If we can through our investments influence how commercial properties are built and managed, it will contribute to reduced emissions in the future. We expect a sharp increase in demand for green offices in London in the near future and we want to create conditions for companies to meet their climate goals through this type of investment. The investment is innovative, creates good added value for the local area and will provide a good long-term return to our pension savers, says Frans Heijbel, Head of Real Assets Abroad at Alecta.
During the construction phase, no fossil fuel will be used and the entire plant will be operated solely with renewable energy sources.
Upon completion, the building will be approximately 50,000 square meters over thirteen floors. The street level is built around an adaptable activity zone that is intended to be used for sports events, art exhibitions, concerts and children’s activities. The property will contain approximately 3,500 square meters of green areas, part of which will be an “urban farm” with cultivation of vegetables and crops as well as compost.
The goal is for the building to meet several different energy and sustainability goals and certifications such as EPC A, WELL ‘Platinum’ certification, RIBA 2030, BREEAM ‘Outstanding’ and 5.5-star NABERS.
Source: Alecta
