Newsec to expand in the Baltic region

Newsec, the northern Europe full-service property advisor, is expanding in the Nordics through the takeover of broker Re&Solution. On Wednesday Newsec announced it had acquired an additional 16% of the shares in the leading property consultant in the Baltic region. Newsec now owns 51% of Re&Solution. The operation will be consolidated in the Newsec Group from 1 July, and the name will be changed to Newsec.

Re&Solution is an independent advisor in property and finance, with a broad base of Baltic and international customers. The company was founded in 2003 and currently has several offices in Estonia, Latvia and Lithuania. The operation, which has 65 employees, reported growing sales and positive profitability despite the highly challenging market climate.

Newsec president Patrik Enblad: 'As a step in establishing Newsec as 'The Full Service Property House' in Northern Europe, we acquired some of Re&Solution in 2009. The cooperation and integration surpassed expectations and we have now decided to consolidate the operation.'

'The Baltic region is a key market for several of our customers and for us and it is vital that we can support both existing and potential customers already established in the Baltic region, or those that want to enter the Baltic market,' he added.