Nordic firm Pangea Property Partners has established a project finance arm and has hired a team from DNB Markets. The new Oslo-based unit will be led by Arnstein Rød.
Pangea Project Finance will be a sister company of Pangea Property Partners, which is one of the larger real estate advisers in the Nordic region.
“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,” explained Pangea Property Partners CEO Bård Bjølgerud.
Arnstein Rød has worked for DNB for 20 years and led the real estate syndication team at DNB Markets and has completed more than 200 property deals, in total worth more than NOK 40 billion. He is joined by Viktor Myhre from DNB Markets who starts as an Associate.
The Nordic transaction volume in 2020 was about NOK 440 billion, and the syndication market accounts for an increasing share of the total, Bjølgerud points out. Syndicates accounted for around 30 % 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.