Background
Orkla made its first property acquisition back in 1941 when it purchased the building at Klingenberggt. 4. Since then, Orkla Real Estate has been active in real estate investment and development.
Orkla Real Estate and its associates and business partners jointly develop residential, office, commercial and hotel properties.
Orkla Real Estate has been through several stages of buying, selling and redeveloping properties since the beginning in 1941. In 1991, most of Orkla Real Estate’s property portfolio was acquired by Eiendomsspar, but just two years later, in 1993, Orkla once again invested heavily in property development when it acquired Skøyen Business Park.
Orkla Real Estate has continued to create substantial added value, not least in the past few years, reporting total profit before tax of around NOK 360 million in 2007 (NOK 145 million in 2006).
Orkla Real Estate’s largest development projects at present are RingnesPark and Idun Industri Eiendom, where a total of almost 100,000 m2 of residential and non-residential space is to be developed in cooperation with Macama Invest AS. Orkla Real Estate also owns a sizeable development portfolio through its associates UtstillingsplassenAS and FG Eiendom AS.
Vision
Orkla Real Estate 'goal is to carve out a position as one of Norway’s leading real estate developers. This vision is based on the Orkla Group’s general goal of increasing its exposure in and yield on real estate as an asset class.
Orkla Real Estate's strategy is to:
· draw on the Orkla Group’s collective expertise and the resources available in the Group’s industrial and investment operations to enable Orkla Real Estate to take on complex, large-scale projects;
· base its operations on a partnership model in which Orkla Real Estate teams up with local and regional partners to reinforce its implementation model and scale up its investment opportunities;
· leverage the financial strength of the Orkla Group to pursue a long-term, yet opportunistic approach to investment possibilities.