Veidekke Forms New Company for Commercial Property Development
Nordic Veidekke Bostad and STOS Fastigheter are forming a joint venture, Veidekke Kommersiellt AB, which will also become an independent business unit within Veidekke. The company will focus on the development of offices, community service properties and hotels, with a special focus on metropolitan areas in Sweden.
“Commercial property development is something we have looked at for a long time. We see it as an important piece of the puzzle in the diversification of our portfolio and also as crucial in the implementation of major development projects,” says Per-Martin Eriksson, CEO of Veidekke Bostad.
The company Veidekke Kommersiellt, which is being formed as a joint venture with STOS Fastigheter, will eventually be phased into the Veidekke structure.
“We have a strong and well-functioning building construction business, with the capacity and ability to carry out large and complex projects. This joint venture will make us even stronger together,” says Anders Arfvén, business area manager for commercial building projects at Veidekke in Sweden.
STOS is contributing considerable industry expertise, as well as human resources and good contacts with potential tenants and future investors. The idea is to develop commercial properties in collaboration with Veidekke’s building construction business, and then to lease and sell the properties to long-term investors.