Norwegian commercial property landlord Bratsberg has been sold to a new JV between Swedish listed property firm Nyfosa and private Norwegian firm Samfunnsbygg in a deal valued at NOK 2 bn (€200 mln).
The company was previously owned on a 50-50 basis by Øygarden Eiendom and Conceptor Eiendom.
Bratsberg AS has been built up by the owners and developed since 2004. It currently owns a portfolio with a gross lettable area of 115,000 m2 and a landbank of 250,000 m2 as well as development potential of 80,000 m2.
‘We have built up this company over many years, so it has been important for us to find a professional buyer who looks at Bratsberg as a growth case. That is why we are very pleased to transfer the company to such solid and long-term players as Samfunnsbygg and Nyfosa,’ said Petter Øygarden, CEO of Øygarden Eiendom.
Bratsberg AS owns a significant office, retail and logistics portfolio located in eight clusters in Porsgrunn, Skien and Horten, and has annual rental income of approx. 111 million kroner. The company has doubled its rental income over the last 6 years, and the goal is to double it again in the coming years. The transaction also includes 14 full-time employees.
‘There is a lot of activity in the Grenland region now, and more and more people are noticing this. We look forward to a long-term collaboration with both Samfunnsbygg and Nyfosa,’ said Simon S. Stordalen, CEO of Bratsberg.
Samfosa AS is a newly established joint venture owned 50/50 by Samfunnsbygg and Nyfosa. The acquisition of Bratsberg is the first investment made by the company.
‘Bratsberg is an impressive company and is an optimal platform for us to start with in Norway. The company is well driven and has a high quality portfolio. This is exactly what we have been looking for,’ added Simon Venemyr Ottersland, CEO of Samfosa AS.
Pangea Property Partners has acted as financial advisor to the vendors.
