The new company will continue the current organizational structure of Aspelin Eiendom and will be responsible for developing, managing, and operating the combined portfolios of Aspelin Eiendom and Reitan Eiendom in Oslo.

Aspelin Reitan Eiendom is owned 50/50 by Artel Kapital and Reitan Eiendom. The company aims to act as a responsible and long-term urban developer with clear growth ambitions. Ida Aall Gram will serve as the company’s Chief Executive Officer, while Peter Ruzicka will assume the role of Chair of the Board. Both currently hold corresponding positions in Aspelin Eiendom.

“Aspelin Reitan Eiendom will build on the strengths of two cultures, combining solid development expertise and strong values with decisiveness and execution speed. Together, we will develop properties and urban areas that create value for people, the city, and our owners,” says Ruzicka.

Aspelin Reitan Eiendom brings together the real estate portfolios of Aspelin Eiendom — including well-known projects such as Vulkan, Via, Sommerro, and The Thief — with Reitan Eiendom’s portfolio in Christiania Areal and its ownership stake in Major Eiendom. Schweigaards gate 33 and the newly renovated Trelastgården, which houses the Directorate for Cultural Heritage, are among the properties being added to the new company.

Aspelin is also contributing its ownership stake in Asker Næringseiendom AS, thereby consolidating all of its real estate investments under Aspelin Reitan Eiendom.

“As owners, we are focused on long-term growth and development. We achieve this best through a strong organization built on trust, clear goals, and sound values. With Reitan Eiendom, we gain a partner who shares this philosophy,” says Knut G. Aspelin, owner and Chair of the Board of Aspelin Eiendom’s parent company, Artel Kapital AS.

“Together with Aspelin, we become a stronger and more resilient real estate player in Oslo, with the capacity to execute demanding development projects and contribute to value creation. Aspelin has highly skilled people with attitudes and values that resonate with us, so we have great confidence that the excellent work being done in Oslo will continue,” says Odd Reitan, Chair and owner of Reitan Eiendom AS.

“I want us to grow because scale gives us the strength to do things properly. When we build robust companies with capable people and high standards, we earn trust. And trust means everything for a business engaged in urban development,” he adds.

The partnership between Aspelin Eiendom and Reitan Eiendom emerged from their collaboration on the Over Spektrum office project near Oslo Central Station. The establishment of Aspelin Reitan Eiendom aligns with the parties’ strategy of investing in newer or development-ready properties in key transport hubs.

“The new ownership structure strengthens the commitment to Aspelin Eiendom’s current organization and, in practice, results in no changes for employees. We will continue to be a leading and recognizable contributor to Oslo’s development, driven by quality and long-term value creation. With a larger portfolio and growth ambitions, we also foresee a reinforcement of the organization,” says Ida Aall Gram, CEO of Aspelin Reitan Eiendom.

Approximately 60 percent of the property value in Aspelin Reitan Eiendom lies within Oslo’s Ring 2, and the new company will manage around 565,000 square meters in total. Reitan Eiendom additionally owns or co-owns roughly two million square meters of property in other parts of Norway.

“We are gaining a unique platform in Oslo, with attractive properties, exciting development projects, and a team with strong expertise. This provides a solid foundation for continued growth,” says Trond Mellingsæter, CEO of Reitan Eiendom.

In addition to Chair of the Board Peter Ruzicka, the board of the new company will consist of two additional independent members, one of whom is Kjersti Hobøl. Two representatives will also be appointed by each of the two owners. Reitan Eiendom will be represented by Stine Hostad and Trond Mellingsæter. Aspelin Eiendom will be represented by Gustaf Aspelin and Niels Kristian Axelsen, with Knut Fredrik Natvig Aspelin as deputy.

The agreement is expected to take effect on 1 January 2026, subject to approval from the Norwegian Competition Authority.