Northern Europe-focused real estate services firm Newsec has reached an agreement with Norwegian cooperative building association OBOS to acquire all the shares in Nordic peer Basale.
According to Newsec, the deal enhances its asset management footprint in the Nordics, while giving Basale the opportunity to grow.
'From Newsec’s side we see this as a fantastic opportunity to get access to a competent network throughout Norway. Basale is the leader in this market segment with many long-term and solid relations,' says Björn Lindeborg, CEO of Newsec Nordic Asset Management.
Newsec said that the addition of Basale would create a 1,000-strong team with around SEK 260 bn (€27 bn) of assets under management.
'Trondheim-based Basale can be proud of having developed the company to what it is today. Basale has been a good investment for OBOS and we believe we have been a sound and stable owner. Newsec has property asset management as their core business. I’m sure that they, together with the co-workers in Basale, will bring the company to the next level,' commented Daniel Kjørberg Siraj, CEO of OBOS.
Going forward, Newsec will provide asset and property management services in Norway under the name Newsec Basale, with Hilmar Auran appointed as managing director of the new company.
'I’m very pleased to join the Newsec team. To me, Newsec represents the future of property asset management and I’m looking forward to getting access to their knowledge and joining a team with dedicated and client-oriented colleagues,' says Hilmar Auran (pictured), CEO of Basale.
Basale is expected to become part of Newsec Asset Management as of 1 January 2017.
