Norway’s KLP has announced its real estate company, KLP Eiendom, has acquired the property portfolio of Selvaag Utleiebolig AS for NOK 3.3bn.

The portfolio consists of approximately 1,000 apartments in 17 properties in Greater Oslo, Drammen and Bergen.

The properties were built between 2012-2025 and the takeover by KLP Eiendom is scheduled to be complete by 4 July 2025. USBL will manage the properties for KLP Eiendom.

"This is a good investment for us that contributes significantly to our goal of increased property exposure," KLP Eiendom CEO, Ellen Langeggen, said.

In Norway, rental housing is an important part of the housing market for those who cannot or do not want to buy their own home, and the proportion of available rental housing has fallen in recent years.

"Backed by pension money from municipalities and healthcare organisations, we take a long-term view of our investments and want to help ensure that there are still opportunities to rent high-quality homes for those who need them," Langeggen said.

KLP Eiendom investment director, Tov Sønsterud, added: "We are very pleased to acquire this portfolio of attractive rental properties that Selvaag Utleiebolig has built up over several years.

“Together with the acquisition of Selma Ellefsens vei 9 earlier this year, we now possess a significant portfolio of modern and central rental apartments that we expect to grow further in the time to come.”

The transaction is subject to notification to the Norwegian Competition Authority.

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