Nydalen's Compagnie was originally a Norwegian textile industry company founded in 1845. The name itself was put into use in 1867 when the company was transformed into a corporation. In 1879, the company had 1,000 employees, including 700 women. In 1895 and until World War II, Nydalen's Compagnie was Norway's largest textile factory. When the textile business was closed down in 1963, Nydalen's Compagnie had become a purely real estate company.
The company, as it stands today, is the result of a merger
between Linstow Eiendom AS and Nydalens Compagnie ASA.
The properties here were renovated and further developed before being sold to the newly created real estate company in 2006; Norwegian Property.
SIA Varner Hakon Invest withdrew. Linstow acquired all the shares in the shopping center company and established a separate shopping center organization with an office in Riga, Linstow Center Management SIA (LCM). Today, LCM owns and manages three shopping centers, two in Riga city center and one in Tallinn. In addition, LCM manages three additional shopping centers in Riga, which were previously purchased and developed by Linstow, but later sold by the company.
In July 1999, the company was removed from the stock exchange and has since then been a wholly owned subsidiary of the Awilhelmsen Group. The name was later changed to Linstow.
In February, the merger between Linstow and Nydalen's Compagnie was completed. After the merger, Linstow Eiendom ASA was Norway's second largest listed real estate company.
The company is still listed, Linstow merged with the property company Aker Brygge I ASA, and thus became a major owner of Oslo's most profiled area - Aker Brygge.
Already a few years after the investment in the Baltic, Linstow had established himself as a significant player in the hotel and shopping segment in the three Baltic states. Today, Linstow appears to be one of the leading real estate players in the region, where we still have large parts of our property values.
Linstow started its investment in the Baltic region with the acquisition and development of the former Soviet-owned Intourist hotels Latvija in Riga and Lietuva in Vilnius. In the same year, Linstow AS initiated a collaboration with SIA Varner Hakon Invest on the purchase and development of shopping centers in central areas in and around Riga. Linstow's ownership was 50% and the shopping center business was up and running. The first center the company bought had a mix of local and Norwegian stores. This was a success and the company acquired several centrally located centers over the next few years.
Awilhelmsen became the owner of the listed company Nydalen Compagnie through the acquisition of Investa in 1993.
A major turning point for Linstow. Sparebanken NOR decided to take advantage of the then market situation and the expertise that was built up in Linstow, and decided to invest in real estate as a strategic business area. Through active purchases, the portfolio was added to several attractive properties, so that the company now appeared solid, with a balanced real estate portfolio. The largest project in this phase was the Ibsen quarter, which was purchased from the Credit Agency. In addition, the company had extensive management tasks for Sparebanken NOR, and emerged as a significant real estate player in the Norwegian market. The company's portfolio, combined with a solid capital and expertise base as well as a long-term strategy, formed a good basis for Linstow's further development.
Linstow was created to help solve the problem commitments Sparebanken NOR had taken over in the wake of the many bankruptcies and defaulted loans as a result of the financial crisis at the end of the eighties.