The portfolio consists of centrally located plots near public transport hubs and existing infrastructure. The plots fit very well into SPG’s existing land bank, which, following the transaction, will comprise approximately 8,000 residential units in Greater Oslo and Greater Stockholm.

SPG and Bakkegruppen have maintained close collaboration since 2016 and have together completed over 600 residential units – including Bruket Brygge in Fredrikstad, which was named Apartment Project of the Year in 2021.

“Through this acquisition, we strengthen SPG’s position in Akershus while gaining access to projects with solid potential and prime locations. It is also very pleasing that this transaction contributes to reinforcing Bakkegruppen’s financial position,” says Markus Erlandsen, Country Manager for Norway at SPG.

Through the transaction, Bakkegruppen frees up capital and reduces liabilities as part of a broader restructuring process that ensures continued operations, employment, and a stronger balance sheet.

“The process has been characterized by good dialogue and high professionalism from all parties – Bakkegruppen, the bondholders, and the banking consortium. We would also like to thank our advisors, Haavind and Dalan Law Firm, for their solid support throughout the process,” says Simen Gunnerud, CFO of SPG.