Real Estate
Return
At the end of 2024, Ferd’s real estate portfolio had a value of NOK 11.3 billion. The completion and handover of Humlehagen at Ensjø, along with some deliveries at Bråtejordet in Strømmen, resulted in a total turnover of NOK 927 million. Taking this into account, the increase in property value from 2023 to 2024 was NOK 692 million. The main reasons were lower yield levels and higher estimated project revenues from both residential and commercial properties. An increase in long-term interest rates had a slight negative impact. The adjusted equity value at the end of 2024 was NOK 4.7 billion, an increase of NOK 357 million from 2023.
Ferd Real Estate is a responsible and long-term urban developer. We preserve history, understand the present, and evolve for the future. With diligence, innovation, and a strong commitment to sustainability, Ferd Real Estate creates value beyond economic return.
Organisation
Ferd Real Estate has 21 employees who cover key expertise areas within commercial, residential, and urban development, as well in management, investment, finance, economics, and marketing. In 2024, the organisation was further strengthened with three new hires.
Market situation
Over the past year, the real estate industry has faced several challenges. High construction costs and interest rates, which cannot be offset by higher selling prices, have led to historically low initiation rates for new housing projects.
Second-hand housing prices have risen more than expected this year, with a 6.8 percent price increase in Oslo in 2024. This has resulted in the strongest December in terms of price growth since 2016, combined with high transaction volumes in the second-hand housing market.
Prospects for lower interest rates and strong real wage growth, combined with a record-low supply of new homes, are factors contributing to the positive development in the second-hand housing market. These factors are expected to drive strong housing price growth in the coming years.
The majority of the housing projects in the portfolio are in the development phase, located in strong markets with planned realisation further into the future.
Ferd Real Estate’s commercial properties are also well-positioned, with no office projects planned for contracting before 2026 at the earliest.
Portfolio
Residential Properties
Humlehagen, Ensjø – 133 apartments and nine townhouses
The project was completed and handed over in the first half of 2024. It represents the final part of Tiedemannsbyen.
Kleven Gård, Bekkestua – 40 residential units
The project consists of detached houses and townhouses. Sales are planned to start in the first quarter of 2025.
Bergerveien, Vestre Billingstad – 424 apartments
Sales launch is planned for the first half of 2025, with the first phase being Kobberkvartalet, which includes 235 apartments.
Bråtejordet, Strømmen – 185 residential units
All homes in phase B7 are completed, with 7 unsold units. Phase B6 has been postponed until further notice. The project is a collaboration with Mestergruppen Eiendom (Ferd Real Estate 80 percent and Mestergruppen Eiendom 20 percent).
Skolekvartalet, Ski – 228 residential units
The project is currently under regulation and is jointly owned in a 50/50 partnership with Vinkl.
Trekantkvartalet, Ski – 215 apartments
Regulatory approval has been obtained, with the expected sales launch in 2025.
Høyda, Moss – 800 residential units
Ferd Real Estate has entered into an agreement with Selvaag Bolig for the joint development of Rabekkgata 4-6 in Moss. The property is now owned 50/50 by Ferd Real Estate and Selvaag Bolig, with Selvaag Bolig responsible for project management, marketing, and sales. The project is currently under regulation.
Commercial Properties
Vitaminveien, Storo – 19,200 square meters
The project is currently under regulation, with construction anticipated to commence in 2026.
Trekanttomten – 28,000 square meters
The project is currently under regulation. The planning program was approved in the fall of 2023, and construction is expected to begin in 2026.
3KT, Trekanttomten – temporary use (2022-2025)
Since 2022, Trekanttomten has been temporarily activated with the 3KT concept, focusing on urban life, art, and social sustainability. The city has gained a vibrant offering that includes culture, play, mini-golf, outdoor cinema, flea markets, food, and beverages within the fenced area. A strong collaboration with Ruseløkka School has allowed the school’s children and youth to use the site for various activities.
The exterior has become a platform for Norwegian contemporary art, featuring works by photographer Jo Bentdal, illustrator, painter, and installation artist Johannes Høie, and painter and printmaker Julie Ebbing. All three are accomplished and recognised artists in their respective fields.
Ferd Real Estate collaborates with Eik & Friends to operate 3KT.
Rental Properties
Hieronymus, Rådhuset – 13,700 square meters
Fully leased in 2024 after signing a new tenant for the last available space. Three new tenants were welcomed during the year.
Brynsveien 14/Østensjøveien 16 – 15,700 square meters
The project was completed in 2019, with 91 percent occupancy.
Petersborghuset, Ensjø – 550 square meters
Leased to The Church City Mission (Kirkens Bymisjon), which operates the community house.
Blåswixveien 5, Lillehammer – 14,400 square meters
The property is currently leased to The Swix Concept Store.
Marienlyst
In 2023, Marienlyst was established as a separate business area, leading to the launch of revised plans for the project. The plan includes the construction of approximately 1,200 homes, a broadcasting house of 40,000 square meters, and around 20,000 square meters allocated for commercial use. The project is currently under regulation, with an estimated construction start in 2029.
Sustainability
To structure our sustainability efforts, we developed a sustainability strategy in 2024 that applies across all our properties and projects. The strategy is based on four key themes: social responsibility, climate-friendly and resilient buildings, responsible value chain, and resource use and nature.
For each of these themes, we have established clear ambitions and, where possible, concrete goals and measures. Moving forward, sustainability considerations will be integrated from the early stages of all new projects to ensure sound decision-making from the start. Continuous competence development is also a key part of our strategic efforts to ensure informed choices and strong project execution.
Our priority themes are the result of a double materiality assessment (DMA) conducted in the fall of 2023, where we assessed how Ferd Real Estate impacts climate, environment, and people, as well as how external factors such as climate change and evolving customer expectations affect us.
For more details on our sustainability work, its impacts, and future plans, you can read our 2023 Sustainability Report. The 2024 report will be released later this year.
Future prospects
Ferd Real Estate commands a diversified portfolio that includes urban development and residential projects, as well as commercial properties strategically located within Oslo’s Ring 3 area, close to public transportation hubs. This advantageous positioning is set to drive value creation into 2024 and the years that follow. Concurrently, Ferd Real Estate will pursue new investment opportunities that can leverage Ferd’s investment capacity and competitive edge. The primary focus will be on office properties and residential projects within core growth areas that have robust public transportation access within the Oslo region. A strategic approach to risk diversification at the corporate level, combined with operational agility and a long-term perspective, enables Ferd Real Estate to adopt a more development-oriented stance than its industry peers. This provides Ferd Real Estate with a competitive advantage as an urban developer.