Ivar Tollefsen’s Heimstaden is investing in Berlin: Buying properties for almost nine billion

In a stock exchange announcement on Friday afternoon, Ivar Tollefsen’s Heimstaden writes that it is buying properties in the German capital for almost nine billion kroner.

Heimstaden is thus buying 130 properties that consist of more than 4,000 residential and commercial units. Included in the purchase are also 321 parking spaces.

The purchase price is stated to be 830 million euros, corresponding to about 8.9 billion Norwegian kroner at today’s exchange rate.

According to the stock exchange announcement, the sale is expected to be completed in the fourth quarter of this year, or the first quarter of next year. Heimstaden first entered Germany in 2018.

– We are pleased to announce the purchase of these attractive properties in central locations in Berlin. This makes it possible for us to scale up our presence in Germany, says deputy head of investments in Heimstaden, Søren Vendelbo Jacobsen, in the report.

Huge portfolio

The real estate investor Ivar Tollefsen controls the housing group Heimstaden. Over several years, the billionaire has built up a huge real estate portfolio in Europe. Of the company’s annual report for 2019, as DN mentioned in February, it emerged that the group bought property for 27.9 billion Swedish kroner in 2019.

At the end of last year, the portfolio was worth SEK 113.3 billion, while the profit in 2019 doubled to SEK 6 billion.

The purchase in Germany today comes after Heimstaden in January pocketed NOK 13 billion for real estate in the Czech Republic, where the company is the country’s largest private real estate company.