Real Estate

Main Features

A very good return of NOK 943 million (ca. 21%) in 2021

Adjustments to the portfolio totalling around NOK 2 billion over the course of 2021, with real estate sales including Asker Tek (Asker), Ensjøveien 3&5 (Ensjø, Oslo) and Snipetjernveien 3&9 (Langhus, Nordre Follo)

Organisation strengthened with eight new appointments in 2021


Ferd Real Estate is committed to being a leading urban developer. Key to Ferd Real Estate’s new strategy are major urban development projects, residential projects in the Greater Oslo Region, and the development of office buildings located at transport interchanges, preferably within the inner circle of Oslo city.

Through active and sustainable development, real estate management and the implementation of environmentally friendly projects, we create value that is more than just a financial return.


At the end of 2021, the value of the business area’s portfolio of real estate holdings was NOK 13 billion and the equity value of the portfolio was NOK 4.8 billion. The portfolio generated a return on equity for 2021 of 21%.

The market

2021 proved to be another busy year for transactions in the commercial real estate market, setting new records for the number of transactions and transaction volume.

The most important drivers in the market have been the ready access to capital for real estate investments and projects, and the expectation of increasing rental prices as a result of continuing high demand for office premises combined with a limited supply of new office buildings, particularly in the CBD. The extensive provision of government “rescue packages” and low interest rates have served to limit the adverse effect of Covid-19 on the real economy and therefore on the real estate market as well. It must be expected that these measures will be reversed over time in pace with the reopening of society.

The effect of Covid-19 on the real estate market has differed from segment to segment. While offices, logistics facilities and residential real estate prices improved in 2021, hotels, retail premises and street-level business properties such as restaurants etc. were weaker as a result of new lockdowns, although there are signs of improvement even in these segments.

2021 was a year of strong growth in residential real estate prices in Norway, which climbed 5.2%. Oslo saw weaker growth in residential real estate prices than in Norway as a whole, with an increase of 2.2% in 2021 but, despite this, demand and transaction volumes continued to be high.

A significant contributory factor to the slowdown in the residential market compared to 2020 was the 50 basis point increase in Norway’s key policy interest rate towards the end of 2021 and the expectation of further interest rate increases in 2022.


The higher level of investment and the shift in strategy to carry out residential development projects have increased the business area’s needs in terms of staff and expertise. Ferd Real Estate expects to recruit additional real estate expertise in the time ahead.

Ferd Real Estate has 15 employees who cover the key specialist areas of commercial and urban development, residential, investment/finance and accounting.


Financial, environmental and social sustainability are fundamental requirements for our projects. We strive to respond to current needs in a way that will also make it possible for future generations to meet their needs. We are committed to being courageous and innovative in our work, and seek to combine the three pillars of sustainability in the best possible way. The steps we take to achieve this include assessing the environmental impact of our projects, ensuring HSE and regulatory compliance, and adopting new technologies and innovative solutions.

As well as financial targets, all our projects have a well-developed environmental strategy and specific measures to increase social capital.

In 2021 the average energy consumption of the commercial properties in Ferd Real Estate’s portfolio was 174 kWh/m2 (127 kWh/m2 in 2020). This is 37% higher than in 2020, primarily because the properties have returned to normal use. By way of comparison, the energy consumption for offices in a normal year is 176 kWh/m2.

Residential real estate development portfolio

Marienlyst, Oslo
On 26 February 2020, Ferd entered into an agreement to acquire the NRK plot at Marienlyst.

Ferd will create a diverse, green, vibrant and urban area that preserves and enhances Marienlyst’s unique culture and nature.

Marienlyst will be accessible and vibrant. It will be a place for creativity, recreation and inclusivity. It will have great architecture and shared spaces with a good variety of activities and recreational offers. It will be an informal, social and safe meeting place for those who live and visit, those who work and produce, those who experience and study.

Central to the project is the Broadcasting House (Kringkastingshuset). Kringkastingshuset plays a key role in the neighbourhood today, and will also play a key role in making it an attractive place in the future. Kringkastingshuset is an international cultural venue, a national landmark and a beacon for local identity that will be preserved and made available for everyone. Work on the development will facilitate interaction between different areas of expertise that can contribute to preserving and developing the nature and quality of Kringkastingshuset as a cultural institution.

The agreement gives NRK a minimum price of NOK 3.75 billion when the sale completes, but the final price will depend on the area approved for development.

Ensjø, Oslo
Tiedemannsbyen comprises a total of around 1,400 residential units.

Approximately 1,100 new residential units in total were built between 2010 and 2021 by Tiedemannsbyen DA, a 50/50 partnership between Ferd and Skanska Eiendomsutvikling, and by Tiedemannsfabrikken AS, a 50/50 partnership between Ferd and Selvaag Bolig.

Construction of the first residential development project to be completed by Ferd alone in recent times started in 2021, together with the sales process. This development, ‘Humlehagen’, is the final part of Tiedemannsbyen and consists of 142 residential units, nine of which are townhouses.

As at 31 December 2021, a total of 72 out of 142 residential units in Humlehagen had been sold.

Bråtejordet, Strømmen
Ferd Real Estate is developing a residential area in collaboration with Mestergruppen in Bråtejordet, adjacent to Strømmen station. The project will comprise approximately 400 townhouses/detached houses/apartments.

The first sales phase was launched in the autumn of 2014 and construction work on the first 40 units started in the summer of 2015. The first 123 units were handed over to buyers in 2017 and 2018.

The first sales phase for the next area to be developed (B7), which comprises 186 apartments and townhouses, was launched at the end of 2019.

A total of 68 residential units were sold in Bråtejordet in 2021 as compared to 35 in 2020.

Central Ski
Ferd Real Estate is involved in two large residential development projects in the centre of Ski, representing total potential of around 500 units in addition to retail/commercial premises and parking spaces.

‘Skolekvartalet’ is owned 50/50 by Ferd Real estate and Ski Sentrum AS, while ‘Trekantkvartalet’ is 100% owned by Ferd Real Estate. The planning processes for both projects are expected to be completed in 2022, but because of the complexity associated with the sequence of development in central Ski the start of construction is expected to be in 2025.

Høyda, Moss
In the summer of 2018 Ferd Real Estate bought Rabekkgata 4 and 6 in the Høyda area of Moss, close to Melløs Stadium. The site is 55,000 m2, and Ferd Real Estate intends to develop it primarily as a residential area, with public-facing premises on Rabekkgata. A parallel project involving four firms of architects was completed in the autumn of 2018, and in 2019 the formal process of developing the zoning plan was started. Approximately 800-900 residential units are expected to be built on the land for a range of different target groups. The project will make a big contribution to transforming Høyda from what has been an industrial and trading area into a vibrant and attractive district of Moss. The municipality is working on a sector plan for Høyda, which is expected to be approved sometime in 2022. Planning and building approval is expected to be in place sometime in 2023, so construction may also start in 2023.

Vestre Billingstad, Asker
Ferd Real Estate collaborated with several real estate owners on the zoning planning process for the western part of an area known as Billingstadsletta in Asker municipality where residential housing developments totalling up to 1,650 units are envisaged. Approval of the zoning plan for Vestre Billingstad was granted by Asker municipality in 2018.

Ferd Real Estate owns the property at Bergerveien 12, which is currently leased by ABB. Ferd Real Estate plans to develop a residential project for 400 units when the lease to ABB expires.

Høvik, Bærum
In 2019 Ferd Real Estate entered into agreements to later purchase several properties near Høvik station in Bærum municipality. The area around Høvik station is well-suited for an attractive urban development once the new E18 eventually passes through a tunnel past Høvik as planned.

Commercial property portfolio


Ferd Real Estate has several ongoing office projects:

Hieronymus Heyerdals gate 1 is a characterful building that is the closest neighbour to Oslo City Hall, and it offers fantastic views over Oslo fjord, the Aker Brygge area, and Akershus Fortress. The building has around 4,500 m2 of vacant space, which will be renovated to a state-of-the-art standard. The street-level floor will also be revitalised, with a retail and service offering designed to support both the activities of tenants and to attract people to the building.

Trekanttomten, in Oslo’s Vika neighbourhood, was acquired by Ferd Real Estate in partnership with Vedal in December 2020. The site, a former construction compound for the newly built National Museum of Art, Architecture and Design, is centrally located in Norway’s most attractive office area. The site currently has approval for a development with a total gross floor area of 24,000 m2, which could include residential development, offices, and public sector use. A parallel project has recently been carried out, which resulted in Oslo Works and Haugen Zohar architects being selected for the initial design and zoning plan based on their ‘Underskog’ project proposal.

Vitaminveien 1B, in Oslo’s Storo neighbourhood, was acquired by Ferd Real Estate in spring 2020. The former filling station is in a central location in an attractive area for offices. A parallel project involving four firms of architects was completed in the autumn of 2020, and the formal process of developing the zoning plan is underway. The development is expected to be a state-of-the-art office building with a total surface area of approximately 18,000 m2.


Ferd Real Estate, Veidekke and Fabritius are engaged in a collaboration to develop the sites owned by Oslo Logistikkpark Gardermoen AS (OLG) in the Gardermoen Industrial Park. Each of the parties owns 1/3 of OLG. The sites in question total approximately 1,000,000 m2 and represent a very significant development potential intended principally for warehousing, logistics and combination facilities. In addition, some areas may be used for retail sales of items characterised by large space requirements. In 2021 detailed planning approval was granted for 1/3 of the total area involved, which means that this part of the site can now be offered to tenants. The remaining 2/3 of the site area controlled by OLG is expected to receive detailed planning permission in 2022. Construction work on a new central warehouse for Sport Holding is expected to start in the first half of 2022. We expect to attract more tenants to this site in the years ahead.

Frogn Næringspark AS, which Ferd Real Estate part-owns together with NHP Eiendom and Stiftsstaden, owns sites totalling approximately 110,000 m2 with development potential of around 40,000 m2. Construction was completed for the first parts of the site in 2021.


Ferd Real Estate’s commercial rental portfolio amounted to approximately 70,000 m2 at the end of 2021 and generated approximately NOK 80 million in 2021. The biggest contributions to this were Brynsveien 14 in Bryn and Stokkamyr Eiendom in Forus.

Future outlook

In 2022 the real economy is expected to continue its recovery from the effects of Covid-19 and the associated pervasive infection control measures. There is nonetheless significant uncertainty associated with growth forecasts, in particular over the extent to which bottlenecks in global supply chains may continue to impact inflation expectations in the market. This uncertainty, combined with an upward trajectory for interest rates, may act as a damper on the pace of recovery in 2022.

In the Greater Oslo Region, we believe that the relatively stable unemployment rate and the expectation that office rental prices will remain stable or increase, particularly in the CBD, will result in a continued high level of activity in the office market. In the market for investment properties, expectations of higher interest rates may have some effect on the level of activity, although it may also be the case that investors see real estate as an attractive asset class since expectations of future inflation will be higher than previously.

Following the growth in residential real estate prices in Norway in 2021, we think that we will continue to see prices move in a positive direction in 2022 despite signals of higher interest rates. However, we think that Oslo, where the construction of new homes is expected to fall short of the level needed to match demand, may see higher residential real estate price increases than the rest of the country. This particularly applies to central areas of Oslo.

Any unexpected economic reversal and/or a significant increase in interest rates could potentially impact growth in a more negative direction.