SPG acquires major land portfolio from Bakkegruppen

Scandinavian Property Group (SPG) has purchased a significant land portfolio from Bakkegruppen, comprising four development projects in Akershus, Norway

Residential project - SPG

These projects, located in Kjeller, Strømmen, Frogner, and Hamang, have the potential to develop approximately 1,000 new homes.
The acquired plots are strategically located near public transport and existing infrastructure, aligning well with SPG's current land holdings, which now total around 8,000 homes across Greater Oslo and Greater Stockholm.
This acquisition continues a long-standing partnership between SPG and Bakkegruppen, who have jointly developed over 600 homes since 2016, including the award-winning Bruket Brygge project. 
For Bakkegruppen, this transaction is part of a restructuring effort to free up capital and reduce debt, aiming to secure ongoing operations, retain jobs, and strengthen their financial position.
Markus Erlandsen, head of Norway at SPG, stated: “Through this acquisition, we strengthen SPG’s position in Akershus, while gaining access to projects with solid potential and good locations. It is also very pleasing that this transaction contributes to strengthening Bakkegruppen’s financial position.” 
Simen Gunnerud, CFO of SPG, added: “The process has been characterized by good dialogue and high professionalism from all parties – both Bakkegruppen, the bondholders, and the banking community. We would also like to thank our advisors Haavind and Dalan law firm, for solid support throughout the process."