Nordic regions’ leading corporate housing provider invests heavily in Oslo. Through the acquisition of Oslo apartments, Forenom moves into the position of Norwegian market leader during 2017. The acquisition is effective immediately.
The market for corporate housing is experiencing rapid growth. PwC predicts an annual growth rate of 11 % for the Norwegian market, and say Norway will become the fastest growing market in the Nordics.
– We have seen our corporate customers’ demand for medium-term apartment accommodation skyrocket in Norway. Oslo is a business region with enormous potential. We want to tap into that potential to grow our own and our customers’ business, says Johannes Kangas, CEO at Forenom.
High End player
The acquisition of Oslo Apartments strengthens Forenom’s position as the Nordic market leader.
– With this acquisition, we are finally ready to respond our customers’ demand with the most diverse and extensive accommodation offering in Norway. Oslo Apartments will supplement this offering with high-end apartments in prime locations, says Kangas.
According to Forenom, the medium-term corporate clients seem to appreciate the service the most. These clients are chiefly international companies’ employees who need to spend a few months in Oslo to work on local projects.
– Oslo needs a strong and professional provider of corporate housing solutions. This will help attract international companies to Norway - and convince them to stay there. The acquisition helps build Oslo’s international business community and attractiveness as a global business destination, says Jussi Saarinen, Director of International Operations at Forenom.
Board member and co-owner of Oslo Apartments, Harald Wand, is pleased to present the agreement.
– We are very pleased and extremely motivated now that we have joined forces with a strong Nordic player. This enables us to develop our service and offering to a new level, as we are able to serve our customers soon also in Bergen, Trondheim and Stavanger, says Wand.
Market leader before 2018
After only 3 years in business in Norway, Forenom will be able to offer over 500 apartment alternatives for medium-term accommodation in Norway by the end of 2017. Additionally, in mid-2018 Forenom will open a next-generation Aparthotel comprising 160 apartments close to the Barcode business district in central Oslo.
– Our corporate customers’ demand for this service is undoubted. After reaching the market leader position in Norway, the next move is to look outside of the Nordic region for the future growth, promises Saarinen.
Leading growth partner in Northern European Serviced apartment market by 2020
The two brands together will provide a strong platform for Forenom’s expansion in Northern Europe. Capman, a Nordic private equity leader, invested in Forenom in late 2016 to drive the company’s international growth.
– Forenom is well known for setting ambitious goals, and their culture to boldly and successfully expand to new geographies where their customers have demand. As these two successful brands join forces, we expect them to disrupt the market with new and innovative solutions. As a private equity investor, our role is to support Forenom as it keeps challenging the markets for the customer’s benefit, explains Pia Kåll, Managing Partner CapMan Buyout.
About Forenom:
For more information, please contact:
Johannes Kangas
CEO, Forenom
Tel. +358 40 5721 421
Harald Wand
Board member and co-owner, Oslo Apartments
Tel. +47 900 19 732
What is Forenom?
Forenom is the leading Nordic corporate housing provider, with the aim of expanding to be Northern Europe's largest corporate housing provider by 2020. Forenom has over 15 years of experience in the changing and challenging corporate housing market. Forenom has done well in standing out from traditional hotels by tailoring aparthotel and housing solutions to meet business needs.
Forenom: https://www.forenom.com/
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