What Kaldnes Utvikling does

Kaldnes Utvikling AS is a Norwegian real estate development company headquartered at Storgaten 20, Tønsberg, focused on place and urban development (sted- og byutvikling) across the Vestfold region. The company, formerly WA Eiendom and rebranded in March 2021, operates under WA Gruppen alongside sister construction firm WA Entreprenør, with Kaldnes AS as a long-term principal owner. Its portfolio spans six core projects: residential developments Borgheimtunet (Nøtterøy, ~110 units), Horten Havnepark (76 units), and Skippergata 6 (Horten); commercial office assets Kristina Kvarteret (Tønsberg, BREEAM Excellent / Passivhus-certified) and Havneportalen (Horten, 4,102 m²); and the Holmestrand Næringspark industrial/logistics park (80,000-115,000 m² planned build-out across Tønsberg and Holmestrand municipalities). The company emphasizes sustainability credentials including BREEAM Excellent and Passivhusnivå standards, district heating connections, solar arrays, and green/blue roof features.

The business model combines one-time residential unit sales (typically through the Norwegian borettslag cooperative-housing structure) with recurring commercial rental income. Residential sales are marketed via project websites, Finn.no listings, and direct sales contact, with public information meetings used to generate demand for major projects; the Borgheimtunet pipeline reportedly generated a ~300-party waiting list. Commercial leasing is sold directly to enterprises, with Kristina Kvarteret anchoring a professional-services tenant cluster (Deloitte, Söderberg & Partners, Asplan Viak, Manpower, CloudOffice, MG Arkitekter, Oseberg Solutions, Velbehag Medisinsk Hudklinikk) and Havneportalen pre-leased to two main tenants ahead of its 2026 completion. Execution is supported by tier-one partners including Veidekke (main contractor), Spir Arkitekter, A-lab, and Asplan Viak, and financed in part via DNB's green building loan program. Revenue figures are not publicly disclosed.

Name

Kaldnes Utvikling

Legal name

Kaldnes Utvikling AS

Website

https://kaldnesutvikling.no

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Kaldnes Utvikling AS is a Vestfold-based Norwegian real estate developer specializing in place and urban development, building residential, office, and industrial projects across Tønsberg, Horten, Nøtterøy, and Holmestrand with BREEAM Excellent and Passivhus sustainability credentials.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Land Subdivision (23721), Nonresidential Building Construction (2362), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520), General Bldg Contractors - Nonresidential Bldgs (1540)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), New Construction & Builder Sales (BPAJAAAB), Land Brokerage (Raw Land & Development Sites) (FSAEAJAD)

Keywords

• Real estate development
• Urban development
• Residential housing
• Commercial property leasing
• Sustainable building projects

Headquarters

HQ city

Horten

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Property Sales: Sale of residential units (bolig) and commercial properties to end buyers. Properties include apartment buildings and housing developments sold to individuals via borettslag (cooperative housing) model.
2. Commercial Leasing: Rental income from commercial spaces (næring) including office buildings, retail spaces, and industrial/logistics facilities. Tenants sign lease agreements for office and commercial premises.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Kaldnes Utvikling AS is a property development company focused on place and urban development (steds- og byutvikling) in Norway's Vestfold region. The company develops and sells residential apartments (via the borettslag cooperative housing model) and develops, leases and sells commercial, retail, logistics and industrial properties across cities such as Tønsberg, Horten, Nøtterøy and Holmestrand. Its portfolio centers on sustainable mixed-use developments and waterfront urban transformation projects with BREEAM and Passive House certifications.

Product overview

Kaldnes Utvikling AS is a real estate development company offering a portfolio of residential and commercial property projects across Vestfold cities. The portfolio consists of six main products: residential projects Borgheimtunet (Nøtterøy), Horten Havnepark, and Skippergata 6; and commercial buildings Holmestrand Næringspark (industrial park), Havneportalen, and Kristina Kvarteret. Projects span housing (apartments and townhouses), office/commercial space, retail, and mixed-use developments, with focus on sustainable building practices including BREEAM certification and environmental building standards.

Differentiator

Problem solved

Functional benefit

Products and services

• Borgheimtunet Residential housing project on Nøtterøy consisting of multiple buildings (A, B, C, D) with approximately 110 housing units ranging from studios to 5-room apartments (52-149 sqm), including approximately 3,000 m2 of commercial space and a central park area. Targeted at individuals and families seeking modern homes in central Vestfold.
• Havneportalen Modern commercial office building in Horten with 4,102 m2 total area, featuring flexible office solutions, rooftop terrace, bicycle parking, and ground-floor retail/hospitality spaces. Designed by Spir Arkitekter AS as an environmental building, completion planned for 2026. Targeted at commercial tenants seeking flexible, modern office space.

Quantifiable outcome

• Borgheimtunet Building A sold out, 10 of 27 units in Building B sold by May 2023, with ~300 interested parties on waiting list
• +2 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• RørkjøpflagshipChannel Partner/ Reseller/ Distributor · 3 July 2024Lier-based plumbing company and first tenant in Holmestrand Næringspark. Plans approximately 9,000 m² of new sustainable warehouse combined with course and office facilities. Building start planned for 2025 with occupancy in early 2026. 451 Norwegian plumbing companies are members/owners of Rørkjøp.
• VeidekkecoreStrategic or Co-development Partner · 14 January 2024Main contractor for Borgheimtunet project. Contract signed November 2020 covering 76 apartments across three buildings with partially connected parking basement. Veidekke is responsible for construction of all building phases including Building A (completed June 2023), Building B (27 units, under construction), and future phases.
• Spir Arkitekter AScoreStrategic or Co-development PartnerArchitectural firm designing Havneportalen and Portalbygget projects in Horten. Spir Arkitekter has created modern office building designs with 4 floors plus rooftop terrace and meeting facilities.
• A-labcoreStrategic or Co-development PartnerArchitectural firm responsible for Horten Havnepark project design. Created innovative apartment building with grid pattern facade using local colors (ocher, terracotta, green tones).
• Asplan ViakcoreStrategic or Co-development PartnerArchitecture and engineering firm that collaborated on Kristina Kvarteret project from feasibility study through detailed design. Asplan Viak also serves as tenant in the completed building. Also involved in Horten Havnepark detailed planning in collaboration with Horten municipality.
• JVH EiendomminorStrategic or Co-development PartnerPartnered with Rørkjøp in signing agreement to purchase land from Kaldnes Utvikling for establishment in Holmestrand Næringspark.
• DNB EiendomminorChannel Partner/ Reseller/ DistributorReal estate agent Lill-Iren Barth at DNB Eiendom managing sales for Borgheimtunet project with approximately 300 interested parties on waiting list.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Entra ASA: Norwegian commercial office landlord and developer with a portfolio of modern, sustainable office buildings leased to professional services and technology tenants — comparable to Kaldnes Utvikling's Kristina Kvarteret and Havneportalen office buildings in Tønsberg and Horten.
• OBOS: Norway's largest residential housing-cooperative (borettslag) developer and operator. Direct peer on the residential-for-sale side, as Kaldnes Utvikling similarly delivers apartments to borettslag buyers through Borgheimtunet and Horten Havnepark.
• Selvaag Bolig: Listed Norwegian residential developer building apartment projects across Greater Oslo and other regional cities. Similar product type to Borgheimtunet and Horten Havnepark, with comparable focus on urban infill sites and sustainability.
• Block Watne (OBOS-block Watne): Norwegian residential housing developer, now part of OBOS, building detached homes and apartment projects across regional Norway. Directly comparable to Kaldnes Utvikling's Borgheimtunet and Horten Havnepark apartment sales activity.
• ROM Eiendom: Norwegian real estate developer active in residential, commercial and mixed-use projects in regional Norwegian cities. Closely matches Kaldnes Utvikling's profile as a sub-national developer focused on local urban transformation and place development.

Broad incumbents

• Olav Thon Eiendomsselskap: One of Norway's largest privately-held commercial real estate owners and developers, with offices, retail and residential. Comparable commercial leasing activity to Kristina Kvarteret and Havneportalen, but at materially larger scale and broader geography.
• Skanska Norge: Norwegian arm of Skanska, a major Nordic developer/contractor with residential, commercial and mixed-use urban development projects. Comparable scale and sustainability positioning to Kaldnes Utvikling's portfolio but operating across all of Norway and internationally.
• Veidekke: One of Scandinavia's largest construction and property development groups. Both general contractor for Kaldnes Utvikling's Borgheimtunet project and a developer in its own right with overlapping residential and commercial activities, making it a broad incumbent peer.
• AF Gruppen: Norwegian contractor and real estate developer with property development in residential, commercial and industrial/logistics segments. Comparable end-market exposure to Kaldnes Utvikling's mixed-use and industrial-park pipeline.

Others

• Malling & Co: Norwegian commercial real estate advisory firm active in office letting and tenant representation. Adjacent participant in the same Vestfold/Oslo office leasing ecosystem where Kaldnes Utvikling competes for tenants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kaldnes Utvikling