Swedish property firm Balder has made its first foray in the Norwegian real estate market with the purchase of a student housing facility in Hedmark, for NOK 700 mln (€75 mln).

The property is mostly leased to the Norwegian government on a 24-year lease. The building was completed in 2010 and currently accommodates over 8,000 students.

Balder said it has considered for a long time the possibility to expand to Norway.

'We hope that this is a first step to become a major property owner in all Nordic countries,' said Balder's CEO Erik Selin.