Nyfosa has decided to enter Norway together with the property company Samfunnsbyggeren AS. Nyfosa believes that over time there will be good business opportunities for an opportunistic industrial player in Norway and intends to build up a diversified property portfolio focused on Norwegian regional cities. With this step into Norway, Nyfosa complements its operations, today based in Sweden and Finland.
Nyfosa forms a joint venture together with the Norweigan property company Samfunnsbyggeren AS, 50 percent ownership each. The goal is to take advantage of business opportunities and build up a property portfolio of MDSEK 5–7 with a long-term perspective. The focus will be on regional cities in all segments except for community properties, but in line with Nyfosa’s opportunistic strategy, it is the business opportunities that determine how and at what pace the portfolio will develop. Norway’s property market is mainly characterized by fragmented and non-industrial ownership. An opportunistic property company such as Nyfosa is missing in Norway, thus Nyfosa’s joint venture intends to take that position.
Simon Venemyr Ottersland, main owner of Samfunnsbyggeren, will become the CEO of the joint venture. Samfunnsbyggeren has large knowledge of the Norwegian property market and a broad experience of transactions in the sector.
“We believe that interesting business opportunities will emerge in Norway and we want to be there when that happens. I have known Simon Venemyr Ottersland for a long time and know that he is the right person to work with in Norway. By adding this platform for business in Norway, we create additional opportunities for Nyfosa to grow profitably”, comments Stina Lindh Hök, CEO, Nyfosa.
“The fact that we are now establishing a joint venture together with Nyfosa, creates very good conditions for building an industrial property company in Norway. We know the people in Nyfosa well and we share the same view on business. With joint efforts, I believe we will have a big impact on the Norwegian market”, comments Simon Venemyr Ottersland, CEO, Samfunnsbyggeren AS.