Groundbreaking property developer listed on Euronext Growth
Emil Eriksrød, Tommy Thovsland and Eirik Engaas are listing R8 Property on Euronext Growth Oslo. Photo: Ida Bjørvik.
The company behind the internationally renowned Powerhouse Telemark is raising external capital to grow further. - We will double our property values by 2023, as well as develop two more Powerhouses, says Emil Eriksrød, CEO/founder of R8 Property ASA.
R8 Property is one of the leading developers of sustainable and technological properties in Norway. According to NEMEET and the Norwegian Tenant Index, they also have the most satisfied tenants in the country, as the company has won this survey six years in a row. Now, they have engaged Arctic Securities AS and SpareBank 1 Markets AS to advise on and effect a contemplated private placement in the company, and admission to trading on Euronext Growth Oslo.
“Since R8 Property was founded in 2010, we have developed 28 properties with a focus on sustainable and technological solutions centered around the users. Based on this experience, we have an ambitious growth strategy to double property values to NOK 5 billion by 2023, and a listing on Euronext Growth is an important step in our continued journey,” says Emil Eriksrød, CEO/founder of R8 Property.
Flagship in Telemark
The real estate company has a strong track record from developing 28 properties in Oslo, Vestfold and Telemark, comprising 108,000 square meters of redevelopment and greenfield projects, of which 21 percent of the portfolio is classified as energy class A. In addition, the company holds 10 development projects that together make up approx. 50,000 square meters. The total real estate portfolio amounts to NOK 2,740 million per Q1 2021.
R8 Property’s flagship is Powerhouse Telemark, one of the world’s most energy efficient and environmentally friendly buildings; designed by Snøhetta and named by CNN in 2020 as one of ten buildings set to shape the world. There are two new Powerhouse projects on the drawing board, in Porsgrunn and Tønsberg.
“The world’s cities are growing rapidly, and their buildings currently use 25 percent of the world’s water, at least 30 percent of the world’s energy and account for almost 40 percent of the world’s climate emissions. Cities are the front line of the climate fight, and as a property developer we can - and must - take responsibility,” says Emil Eriksrød.
Pioneer within technology and coworking
Use of innovative, technological solutions plays an important role in R8 Property’s strategy. The company owns 35.5 percent of Orbit Technology, a proptech company connecting space seekers with space providers, and 75 percent of Evolve Business Space, a coworking company providing tenants with more flexible office space solutions.
“In R8, we have a will to innovate, the ability to be flexible and are concerned with solving new challenges when we meet them. We are really looking forward to the time to come,” says Emil Eriksrød.
R8 Property in brief:
Real estate developer with headquarters in Porsgrunn. Engaged in investment, development, rental and management of real estate
Established in 2010 and has 30 employees
The total market value of the properties are 2.2 bNOK
The portfolio consists of 105.000 sqm spread on 26 properties in Skien, Porsgrunn, Sandefjord, Tønsberg and Oslo
Has won the Norwegian Tenant Index six years consecutively
The flagship project Powerhouse Telemark opened in October 2020, and was selected by CNN as one of the 10 most anticipated buildings worldwide
Has investments in the proptech company Orbit Technology, an “Airbnb” for commercial real estate, and the coworking company Evolve Business Space