Brække Eiendom and REQ have entered into an exciting strategic partnership in Drammen and Vestfold. Through its first fund, REQ Fund I, REQ is acquiring a stake in a substantial portfolio to be co-owned equally by the parties. The portfolio includes 180,000 square meters of land and 90,000 square meters of buildings dedicated to warehousing, production, and logistics properties. The portfolio comprises nine properties in the region, and Brække Eiendom and REQ have high expectations for the further development of the properties and the portfolio. The parties have agreed not to disclose further details of the transaction.

Common goals and ambitions

The dialogue between Brække Eiendom and REQ started earlier this year. Since then, they have developed a joint strategy that leverages their respective strengths.

“Brække has, over the years, built itself up to become a leading player in its market. They have truly impressed us and demonstrated why they hold their current position through presence, active, and good management. We quickly established a good relationship with Kristoffer and the rest of the team at Brække, and we are very pleased with how the dialogue has been. We are convinced that Brække is the right partner for REQ in the region. Now, we look forward to further develop an exciting portfolio together with Brække,” says Haakon Flinder, Investment manager at REQ.

“As part of our further efforts and development, Brække Eiendom has sought to find a competent partner who can help develop parts of our portfolio further. Our goal has been to enter into a long-term partnership with a team that can provide us additional experience and industry knowledge. When we were introduced to REQ by Malling earlier this year, it became clear to us after just a few meetings that REQ and the people at REQ were the right partners for us. We are very satisfied with the dialogue so far and are convinced that the expertise both parties possess will yield good results for the development of the existing portfolio as well as new acquisitions,” says Kristoffer Brække.

Long-term potential

Brække Eiendom and REQ have come to know each other’s strengths and see this as the beginning of a longer collaboration in the region. As part of the dialogue, new opportunities have already been discussed.

“The Drammen region has several areas with exciting properties, and we see that having local knowledge in this market is a tremendous strength. Succeeding outside the big cities requires local presence, which Brække has built up over a long time. We look forward to evaluating new opportunities in the region,” says Johan Hamre, REQ.

Malling & Co has been the advisor in the process for both buyer and seller. Additionally, Wikborg Rein has served as legal advisor, RSM has provided financial advice, and BER has been the technical advisor.

“This has been a professional and well structured process from start to finish. It all started when Kristoffer came to us wanting to find a strategic, financial partner to grow further and capitalize on his strong management organization. We immediately thought of REQ as a good match with short decision lines, available investment capacity, and competent organization. We look forward to following the partnership further,” say Petter Warloff Berger and Lars Bastiansen in Malling. Brække Eiendom and REQ look forward to the collaboration and building on an already good start.