"Pangea Project Finance becomes a sister company of Pangea Property Partners. Pangea is one of the largest real estate advisers in the Nordic region, and we are in an extraordinary position to become a more fully integrated real estate house. For several years, our customers have been asking us to provide this kind of service," says Bård Bjølgerud, CEO and Partner at Pangea Property Partners.
Arnstein Rød has worked in the DNB system for 20 years and has led the real estate syndication team at DNB Markets. He has completed more than 200 real estate transactions worth more than NOK 40 billion, of which 30 transactions worth about NOK 10 billion have been completed over the last three years. Rød holds a master's degree in business from the Norwegian School of Economics (NHH). He is joined by Viktor Myhre from DNB Markets who starts as an Associate. Both started on January 4th.
"Arnstein is one of Norway’s leading profiles in this area, and he will be responsible for the build-up of Pangea Project Finance AS. We will continue to develop Pangea to be the leading advisor in the Nordic region on the combination of real estate and finance. With our expertise and investor network, this is a natural development of our services," says Bjølgerud.
In 2020, the Nordic transaction volume was approx. NOK 440 billion, and the syndication market accounts for an increasing share of the total. For example, syndicates account for around 30 percent of the investment volume in the Norwegian commercial real estate market over the past three years, which corresponds to NOK 85 billion out of a total volume of NOK 288 billion.
"I am very much looking forward to becoming part of the Pangea system, as well as leading and being responsible for the establishment and development of Pangea Project Finance AS. Our ambition is to establish a leading project finance player in the Norwegian and Nordic real estate market," says Arnstein Rød, Managing Director and Partner at Pangea Project Finance AS.
"Pangea's results speak for themselves, and there is no doubt that this is one of the strongest real estate brands in the Nordic region. I have enjoyed working at DNB for two decades, but I could not pass up this opportunity," he adds.