Since 2020, Kynningsrud Bostäder has operated in Western Sweden and built up a project portfolio of approx. 1,000 building rights consisting of attractive housing projects in the municipality of Gothenburg, Partille municipality, Lerum municipality, Kungsbacka municipality and the city of Mölndal. In order to strengthen the execution power of existing projects and create better conditions to be aggressive when the right project is on the market, Union Residential Development becomes the new main owner of Kynningsrud Bostäder.

"Kynningsrud Bostäder has in a short time built up a business with experienced staff and good projects. Bringing in a stable actor like Union as the main owner is proof that we have succeeded and that there is trust in the company, the housing market and the Gothenburg region," says CEO of Kynningsrud AS, Pål Kynningsrud.

"With increased financial resources and broadened competence in the ownership group, we get greater execution power in the projects we have already acquired. We also get better opportunities to acquire new interesting projects that fit into our strategy and project portfolio in a market that is currently very challenging for everyone housing developer," says Kynningsrud Bostäder's CEO Olof Olausson.

"This summer, Union Residential Development bought Bonava's Norwegian operations and this is the fund's first investment in Sweden. Through the acquisition of the majority in Kynningsrud Bostad, Union gets a long-term partner and a good platform to create a larger regional player. Kynningsrud has an organization with high competence who also share our values," says Per Martin Eriksson, Sweden manager for Union Residential Development.

"In addition to the financial strength that Union Residential Development will contribute, Kynningsrud Bostäder will also be provided with key strategic expertise that will be valuable. I look forward to a good collaboration with Union in the work to continue developing Kynningsrud Bostäder," says Kynningsrud Group CEO Pål Kynningsrud.