New Year's Greetings

As 2024 comes to an end, the quiet days between Christmas and New Year are always a good opportunity to reflect on the past year while also looking ahead to the opportunities that 2025 holds.

The real estate industry has once again been marked by unstable market conditions. Unfortunately, we have seen bankruptcies among both smaller and larger players, highlighting the challenges the industry has faced. At NRE, we have focused on our ability to adapt and navigate through challenging times with a strong emphasis on long-term solutions. As we look ahead to 2025, we are optimistic that the market will stabilize, and we are confident that we will emerge even stronger in the coming year.

At NRE, 2024 has been a year of significant activity across Denmark, Norway, and Sweden. In Denmark, we completed the final stage of Søtorvet in Silkeborg, which now features modern residences, businesses, and a public city park that beautifully unifies the area. Søtorvet has been a multi-year project with multiple partial handovers, and we take pride in its scale and complexity — including the fact that it is our largest project to date. We also celebrated the Grand Opening of the World Trade Center in Ballerup, where we were both the general contractor and co-owner. These projects represent important milestones for NRE.

In Sweden and Norway, we have had high activity on several construction sites, launching new projects including developments in Vallentuna in Sweden, and Ås in Norway. We look forward to continuing these projects and sharing more about them in 2025.

The new year will begin with the handover of Grunwalds Have in Copenhagen in January, followed shortly by the completion of Vallentuna in Sweden and the sales launch of the second phase of the Jakslandsåsen residential project in Norway. At the same time, we will continue our efforts to develop projects and district plans that lay the foundation for future constructions. Our ambition remains to strengthen our position as a leading Nordic knowledge hub in property development, capable of managing all or part of the process — from development and construction to commissioning and leasing/sales.

On behalf of NRE, I would like to extend a heartfelt thank you to our partners, industry colleagues, and, most importantly, our employees. Thank you for your trust and collaboration in 2024. We look forward to embarking on another year filled with new opportunities and shared successes.

Happy New Year.

Best regards
Jacob Eiskjær Olesen
Partner and CEO