The transaction brings together two specialised organisations with ambitions for continued growth within real estate management across the Nordic region. The objective is to create a stronger and more focused platform for real estate investment activities.

“This is a strategic decision. Real estate remains an important asset class for DNB, but we believe future growth and development are best achieved within a specialised environment outside a financial services group. Through our ownership stake in and partnership with Union, we retain a clear and long-term position in the sector,” says Anette Hjertø, Chief Executive Officer of DNB Liv.

Union will acquire the shares in DNB Næringseiendom. Concurrently, DNB Liv will acquire a 30 percent ownership interest in Union. The collaboration also includes a strategic partnership in real estate investments, as well as broader cooperation with the DNB Group.

“Union has been built for growth within the real estate sector. With DNB becoming a shareholder, we gain a strong industrial partner that provides a solid foundation for the company’s continued development and value creation for our investors,” says Endre Folge, Chief Executive Officer of Union.

DNB Næringseiendom currently manages commercial real estate assets and real estate funds, including mandates on behalf of DNB Liv. The business will continue as part of Union, with ambitions for further growth and long-term value creation.

Union manages real estate funds with investment strategies focused on commercial real estate, residential development, and commercial real estate debt. In addition, Union operates businesses within commercial real estate brokerage and market analysis.

The transaction forms part of DNB Wealth Management’s long-term strategy for alternative investments.

The transaction is subject to approval by the Norwegian Competition Authority and the Financial Supervisory Authority of Norway.

Following completion of the transaction, the combined businesses will manage assets of approximately NOK 51 billion on behalf of investors. The combined organisation will employ 107 people and will be led by Endre Folge.