Entra and Linstow buy out Bane NOR Eiendom from OSU

Entra and Linstow buy out Bane NOR Eiendom from OSU

Bjørvika is the biggest urban development project in Norway in recent times, and already one of Norway’s most attractive housing and commercial areas. Behind the project is Oslo S Utvikling (OSU), from which Entra and Linstow have bought out Bane NOR Eiendom’s share for NOK 950 million. Preparations are also being made for 800 new homes, catering establishments and cultural attractions by the fjord in Bjørvika, to the benefit of residents and visitors.

Bjørvika is being developed to become the home of a total of 10,000 residents. It will be filled with shops, visitors, residents and a wealth of cultural activities, places to dine and activities on the waterfront.

- Bjørvika is the centre of Oslo’s most central and attractive place to live. We are continuing our ownership in OSU to be part of developing the area to the benefit of the city, the current and future residents of Bjørvika, and anyone who will buy an apartment here in the future. This is the most exciting housing project in the country at this time, says Per Mortensen, Group CEO of Linstow.

Sonja Horn, the Managing Director of Entra can only agree.

- Bjørvika was built as an attractive place to live and work, and it’s wonderful to see such abundant life blossom in this part of the city in line with the development of new cultural attractions, places to dine and activities on the waterfront. As an urban developer, Entra wants to continue to maintain its active role in the further development of the area, she says.

Thanks for the partnership

Bane NOR Eiendom AS also wanted to express its thanks for an excellent and creative collaboration. They formed OSU together in 2001, and Entra joined in 2004.

One of the results is the Barcode area, consisting of 12 buildings with 150,000 m2 office space, 399 of housing and 12,500 retail and restaurant premises. Barcode has gained national and international recognition and awards for its architecture.

- We are proud of being part of such a project right in the heart of Oslo. Most of the urban and hub development around Oslo Central Station is now completed, and the time is therefore ripe to say thanks for the partnership to help us develop the hub, says Managing Director Jon-Erik Lunøe of Bane NOR Eiendom.

Building a new neighborhood

He recounts the major changes that have taken place in Bjørvika in recent years.

– This was a heavily-trafficked area, which has become a new neighbourhood by the fjord. We wish OSU all the best moving forwards with their work, says Lunøe.

Facts – the construction of Bjørvika and Oslo S Utvikling (OSU):
Oslo City Council decided in 2000 to transform large areas of the city’s harbour areas to homes, offices, shops, catering and cultural attractions

• In 2000, Linstow AS and NSB Eiendomsutvikling AS (now Bane NOR Eiendom AS) agreed on the development of the area by forming Oslo S Utvikling (OSU). Entra ASA joined in 2004, meaning that OSU was owned by Entra ASA, Linstow AS and Bane NOR Eiendom AS.
• Linstow AS and Entra ASA have now bought Bane NOR out of OSU.
• Bjørvika is the biggest area in this Fjordby project, and the biggest urban development project in Norway in recent years.
• OSU develops commercial buildings and housing, and will develop 380,000 m2 of the total 900,000 m2 property area in Bjørvika. The company sells offices and homes as they reach completion.
• OSU has already built the Barcode area, which consists of 12 high-rise buildings with 150,000 m2 office area, 399 homes and 12,500 m2 retail.
• Part of the plan is the development of Bispevika with new businesses, restaurants , cultural attractions and around 800 new homes, which OSU estimates will be completed in 2026.

Around 30,000 people in total will live and work in Bjørvika.