NRE invests in a large real estate project in Norw

Property developer and turnkey contractor NRE Group A/S has invested in a large property project in Oslo by acquiring two larger properties. The investment has been made in a collaboration between the subsidiary NRE Norway AS and Fearnley Securities AS. Together they will develop a combined residential and business project in the attractive district of Smestad. The project is expected to include 50-70 homes and a larger business area.

Together, NRE and Fearnley Securities have formed the project company Smestad Sentrum Utvikling AS, which will manage the properties until the final regulation for Smestad is available. NorgesGruppen also participates in the collaboration as a main shareholder and partner.

The properties have an attractive location at Smestad subway station, approximately 4 km from the center of Oslo. The location offers good view and sun conditions, public transport options and recreational areas in the immediate vicinity. Smestad is a priority development area for Oslo Municipality. Ongoing area regulation and several development projects will make the district even more attractive in the future.

"We are looking forward to start working with this unique property, which will be a central part of the development of Smestad in the coming years," says CEO of NRE Norway, Allan Sønderbæk.

As one of the largest shareholders in the project, NRE will be responsible for the development of the new and upcoming residential and business project, while Fearnley will be responsible for leasing and administration of the existing buildings. This is the third collaborative project between Fearnley and NRE Norway.

"We are happy that we can finally announce our plans for the Smestad project. It is a project that we have been working on for a long time behind the scenes, which underlines our position as a Nordic property developer. Now we look forward to starting the project work together with our competent partners," says CEO of NRE Group, Jacob Eiskjær Olesen.