Northern Europe real assets manager Niam is expanding its offering through a Danish housebuilding joint venture with Milton Huse.
The two companies have formed Kronhusene, a company that will own Milton Huse鈥檚 current B2B business, which includes land with the potential to build over 1,200 terraced houses in Denmark.
Niam will have 75% interest in Kronhusene alongside a 25% stake owned by Milton Huse鈥檚 founder Erik Rehnquist.
The companies expect the joint venture 鈥� aimed at constructing and operating terraced house projects 鈥� to develop around 500 homes per year.
Kronhusene already has one construction project under way and is expected to begin several more this year.
Michael Berthelsen, country manager for Niam, said: 鈥淲e are pleased to once again expand our collaboration with Milton Huse, having previously acquired a number of residential projects from them.
鈥淲e consider Milton鈥檚 B2B business to be a professional and complete setup that, with sufficient capital from Niam, can be lifted to new levels. We expect that together we can accelerate our common ESG ambitions and continue to have a sharp focus on our tenants鈥� future housing needs.鈥�
Henrik Gerdin, fund manager at Niam, said the company, which has been an active player in the Nordic residential market since year 2000, has executed a wide range of transactions across the entire spectrum of the market, worth over 鈧�3bn in total.
Gerdin added: 鈥淏uilding on this success, I am excited to continue implementing this winning strategy and leveraging our expertise in the Nordic region over the coming years.鈥�
Erik Rehnquist, founder of Milton Huse, said: 鈥淲e aim to establish a unique market position as the leading end-to-end property group by combining Milton Huse鈥檚 expertise in homebuilding with Niam鈥檚 experience in operating rental properties and access to growth capital.
鈥漌ith the growing demand for rental housing, our objective is to build a large-scale portfolio of appealing terraced houses within a few years, which will be built in accordance with the DGNB Gold-standard.鈥�
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