Shares in Scandinavian Property Development (SPDE) started trading on Oslo Stock Exchange on Thursday last week. 'This is an important step towards our aim of becoming a leading Scandinavian property development player,' said CEO Stein Haugbro. SPDE was established in 2006 and is managed by Aberdeen Property Investors. The market capitalisation of the company is about NOK 3 bn (EUR 383 mln). The listing was arranged by SEB Enskilda and ABG Sundal Collier. The company's target is a pre-tax Internal Rate of Return of 20% plus over time.

Shares in Scandinavian Property Development (SPDE) started trading on Oslo Stock Exchange on Thursday last week. 'This is an important step towards our aim of becoming a leading Scandinavian property development player,' said CEO Stein Haugbro. SPDE was established in 2006 and is managed by Aberdeen Property Investors. The market capitalisation of the company is about NOK 3 bn (EUR 383 mln). The listing was arranged by SEB Enskilda and ABG Sundal Collier. The company's target is a pre-tax Internal Rate of Return of 20% plus over time.

SPDE was behind the Fornebu land plot acquisition, the largest real estate transaction ever in Norway. The land has a development potential of around 543, 000 m2, with 15, 000 m2 yielding properties. In addition, SPDE owns and develops Hinna Park outside Stavanger, consisting of 134,000 m2 development potential, primarily commercial property. About 66 % of SPDE's development potential relates to residential property and 34 % to commercial property.

Haugbro said in a statement that SPDE is uniquely different from all other real estate stocks on Oslo Stock Exchange. 'We are the only pure-play property development company on Oslo Børs, while the other companies primarily manage yielding properties. SPDE represents a unique opportunity for investors interested in property development exposure without being tied to the traditionally long time horizon in property development projects.'