Swedish listed property firm Balder has announced that it is acquiring Norwegian industrial real estate company Asset Buyout Partners (ABP) for NOK 9 bn (€900 mln) in the largest real estate transaction in the Nordics in 2021.
ABP, a portfolio company of HitecVision, owns a portfolio of 106 industrial-led real estate assets located in mission critical energy and maritime clusters along the Norwegian coast
The company was co-founded by HitecVision and William W. Wittusen, CEO in ABP, in 2016 to build a property company focused on mission-critical oil and gas related assets, leased on long term contracts to solid counterparties. The platform currently owns a portfolio consisting of a total of 264,000 m2 of lettable area as well as 1,781,000 m2 of land. The assets boast an occupancy rate of 98% with an average duration of the lease of nine years and generate a rental income of NOK 600 mln. The assets are spread across the Bergen region 63%, Stavanger region 26%, Kristiansund 5%, Hammerfest 4%.
‘This is the largest real estate transaction in the Nordics year-to-date and the largest in Norway since Citycon acquired Sektor Gruppen back in 2015,’ said Bård Bjølgerud, CEO & Partner at Pangea Property Partners, which acted as joint lead advisors to HitecVision and ABP.
‘We see this acquisition as a great opportunity for Balder to expand its presence in Norway, with properties and locations perfectly positioned for current and future industries. ABP is an exciting company, which we are grateful to be able to welcome into the Balder family,’ commented Erik Selin, CEO of Balder.
‘For us, this has been a great journey and a textbook private equity growth investment case. We have enjoyed an excellent cooperation with the ABP team and would like to give them credit for their exceptional execution of the strategy,’ said Egil Stokka, senior partner and legal director in HitecVision.
The deal is due to close on July 1 subject to customary approval from the Norwegian Competition Authority.
