Folksom

What Folksom does

Folksom AS is a Norwegian privately held real estate developer specializing in urban and place development (stedsutvikling) in the Vestfold region, headquartered in Tønsberg. Originally incorporated in 1992 as Tunsberghus AS, the company adopted the Folksom name in 2016 following the acquisition of Pål Egeland's prior Folksom entity, with Egeland continuing as CEO. The firm operates with a lean team of approximately 10 employees and reported revenue of 260 million NOK in 2019.

The company's core product is a portfolio of mixed-use, residential-led urban regeneration projects spread across Tønsberg, Horten, Nøtterøy/Teie, Vear, and Tolvsrød. Active developments include Foynkvartalet (~89 residential units and 4,600 m² commercial in central Tønsberg), Tolvsrød Torg (42 apartments plus commercial), Rolv Wesenlunds vei 9 (28 completed apartments in Horten), Teie Hageby (~70 units), Veartunet (~100 units), Tønsberg Helsepark (~100 care apartments on a 38-acre former Saba factory site), and Vear Sentrum. Its methodology combines heritage-building rehabilitation with new construction, anchored by long-standing joint venture relationships with Coop Norge Eiendom and, more recently, REBUS Handelseiendom.

Folksom generates revenue through three streams: one-time residential property sales (condominiums and borettslag units), recurring commercial leasing of ground-floor retail, office, and restaurant space, and managed services including property administration and the directly operated Friends at Work coworking space (~3,000 m²). Projects are typically delivered via 50/50 or 25/75 JV structures, with anchor tenants (Coop grocery, REMA 1000) secured through the JV partnerships. Distribution is direct — project-specific sales offices, the company's own project websites (e.g., foynkvartalet.com), FINN.no listings, local PR in Tønsbergs Blad and Estate Nyheter, and community sponsorship (Færdercup, Vear IF) — with no intermediaries or resellers.

Name

Folksom

Legal name

Folksom AS

Website

https://folksom.no

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

1–10 employees

Short description

Folksom AS is a privately held Norwegian real estate developer specializing in urban and place development across the Vestfold region. The company develops mixed-use residential and commercial properties — including Foynkvartalet, Tolvsrød Torg, and Tønsberg Helsepark — primarily through joint ventures with Coop Norge Eiendom, selling apartments to private buyers and leasing commercial space to retail, office, and healthcare tenants.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

New Housing For-Sale Builders (236117), New Multifamily Housing Construction (except For-Sale Builders) (236116), Nonresidential Building Construction (2362)

SIC

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

akta.pro primary industry

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

Keywords

• Property development
• Residential construction
• Commercial real estate
• Urban revitalization
• Property management

Headquarters

HQ city

Tønsberg

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Residential property sales: Development and sale of apartments and housing units to private buyers. Properties include new builds and conversions of existing buildings into apartments. Revenue recognized upon completion and transfer to buyers.
2. Commercial property leasing: Rental income from retail, office, and restaurant spaces in ground floors and commercial buildings. Ongoing recurring revenue from long-term lease agreements with tenants.
3. Property management and administration: Folksom manages and administers properties including commercial properties (e.g., Friends at Work coworking), homeowner associations, and rental portfolios on behalf of itself and partners.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Folksom is a Norwegian property developer that acquires, plans, constructs, sells, and leases residential and commercial real estate, with a specialization in urban and place development (stedsutvikling) in the Vestfold region. The company delivers end-to-end real estate services including development, financing, management, and operation of mixed-use projects combining heritage rehabilitation with new construction. It also manages commercial properties and operates the Friends at Work coworking space.

Product overview

Folksom is a Norwegian real estate developer specializing in urban and place development (stedsutvikling) in the Vestfold region, primarily Tønsberg and surrounding areas. The company operates as a property development firm rather than a technology company, offering a portfolio of residential and commercial development projects. The core product portfolio includes: Foynkvartalet (urban development in Tønsberg center with residential and commercial), Tolvsrød torg (mixed-use with housing and retail), Rolv Wesenlunds vei 9 (completed residential in Horten), Teie Hageby (residential on Nøtterøy), Veartunet (Vear mixed-use), Tønsberg Helsepark (care/healthcare focused), and Vear Sentrum. Supporting services include Friends at Work coworking spaces and commercial leasing of vacant premises. Most major projects are developed in joint ventures with Coop Norge Eiendom. The company also sells and manages residential apartments and commercial properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Foynkvartalet (Storgaten 24, 26, 28) Urban development project in Tønsberg city center comprising approximately 89 residential units (~9,100 m²), commercial retail and dining spaces (~4,600 m²), and parking (~3,500 m²). Includes rehabilitation of heritage buildings at Storgaten 24, 26, and 28, with first phase offering 18 unique apartments in addition to ground-floor commercial units.
• Tolvsrød torg Mixed-use development project in Tønsberg with 42 residential apartments in its first phase, commercial spaces for healthcare and retail, and a community center ('Torghuset'). Developed jointly with Coop Norge Eiendom.
• Rolv Wesenlunds vei 9 Completed residential project in Horten's Indre Havn comprising 28 apartments ranging from 33 m² to 154 m², with a shared rooftop terrace of 350 m². Developed as a housing cooperative (borettslag).
• Teie Hageby Residential development project on Nøtterøy near Tønsberg, planned for approximately 70 residential units (~14,300 m² residential area), 1,158 m² grocery store, and 3,000 m² commercial space. Joint venture with Coop Norge Eiendom.
• Veartunet Mixed-use development project in Vear, Tønsberg municipality, planned for approximately 100 residential units (~10,000 m²), commercial/retail space (~3,000 m²), and underground parking. Joint venture with Coop Norge Eiendom through Vear Utvikling AS.
• Tønsberg Helsepark Healthcare-focused development project on the former Saba factory site (38 acres) in Tønsberg. Planned to include approximately 100 care apartments, day center, activity center, gym, pharmacy, grocery store, and healthcare offices. Joint venture with Coop Norge Eiendom and Narverørdveien 40 Holding.
• Vear Sentrum Neighborhood development project in Vear Sentrum, Tønsberg municipality. Collaboration with REBUS Handelseiendom featuring a REMA 1000 grocery store and combination of residential, office, and healthcare facilities on approximately 4.5 acres.
• Friends at Work (Coworking) Coworking space operated by Folksom in Tønsberg city center, occupying approximately 3,000 m² across two floors. Features offices, lounge areas, 8 meeting rooms, and café facilities. Part of the Foynkvartalet development area.
• Ledige Lokaler (Commercial Leasing) Portfolio of available commercial and office spaces for lease across Folksom's properties, including retail units at Foynkvartalet, office spaces at Smidsrødveien on Teie, and commercial premises at Tolvsrød torg.

Quantifiable outcome

• Foynkvartalet: 16 of 18 apartments sold within months of launch
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Ten partnerships are on record, tiered major, core and minor.

• Narverødveien 40 Holding ASmajorStrategic or Co-development Partner · 26 February 2025Partnership for Tønsberg Helsepark development on former Saba factory site (38 acres). Project company Narverødveien 47 AS: 50% Narverødveien 40 Holding, 25% Folksom, 25% Coop Norge Eiendom. Targets approximately 100 care homes plus health and service functions aligned with 'Tønsbergtrappa' municipal concept.
• REBUS Handelseiendom ASmajorStrategic or Co-development Partner · 11 April 2024Folksom sold 50% of shares in Vear Sentrum development project to REBUS Handelseiendom. REBUS is part of Reitan Retail and focuses on developing retail and combination properties for REMA 1000. Folksom retains development and management role through agreement. Project includes REMA 1000 grocery store.
• Betonmast Buskerud-VestfoldcoreImplementation/ SI/ Consulting Partner · 28 August 2023Construction partner for Tolvsrød Torg (98 apartments + 4,000 m² commercial) and Foynkvartalet Storgaten 24-28 rehabilitation (contract value ~79-90 million NOK). Collaboration is in joint-contracting (samspillsentreprise) format. Long-term partnership across multiple projects.
• Coop Norge Eiendom AScoreStrategic or Co-development Partner · 15 October 2022Long-standing strategic partner in multiple JV projects. 50/50 ownership in Teie Torg Eiendom AS for Teie Hageby. Joint developer of Tolvsrød Torg through Tolvsrød Eiendom AS. 25% partner in Tønsberg Helsepark through Narverødveien 47 AS. Coop provides grocery retail anchor tenants for developments.
• Otterlei Group ASmajorStrategic or Co-development Partner · 3 November 2020Otterlei Group purchased Storgaten 30-32 commercial property from Folksom (formally Handelshuset Foyn, 8,300 m²). Folksom retained management contract — continues to operate and manage the property including Friends at Work coworking space. Smooth transition with no practical change for tenants.
• KB ArkitektercoreImplementation/ SI/ Consulting PartnerLead architectural firm for Foynkvartalet project, involved since early phase through regulatory planning. One of the region's largest and most experienced architectural practices, responsible for all architectural details down to interior specifications.
• Ola Roald Arkitekter ASmajorImplementation/ SI/ Consulting PartnerArchitectural partner for Veartunet project at Bekkeveien 200-204, Vear. Responsible for design and planning of the mixed-use development combining residential, commercial, and community functions.
• TUN ArkitekturmajorImplementation/ SI/ Consulting PartnerArchitects for Tolvsrød Torg and Tønsberg Helsepark projects. Responsible for master planning and architectural design of these major mixed-use developments.
• Smiløkka Arena ASminorOthersSmiløkka (NAV-supported social enterprise) manufactured custom wooden products for Rolv Wesenlunds vei 9 project: 90+ planter, cultivation boxes, playhouse, outdoor kitchen furniture, and lounge furniture for common terraces and outdoor areas.
• VeidekkecoreImplementation/ SI/ Consulting PartnerMain contractor for Rolv Wesenlunds vei 9 project in Horten (28 apartments). Completed project on time and on budget in approximately 15 months. Responsible for both new construction and rehabilitation of existing Ferno building.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Skanska Norge: Norwegian arm of Swedish construction and real estate developer. Comparable in mixed-use urban development including residential apartments and commercial space, with similar focus on city center regeneration projects, though at national scale rather than regional.
• JM Norge: Norwegian arm of Swedish residential developer JM AB, focused on new-build apartments and townhouses. Comparable for-sale residential development model targeting urban and suburban buyers, with similar apartment selector sales tools and pricing transparency.
• OBOS: Norway's largest housing cooperative and residential developer with extensive apartment development across the Oslo region. Comparable in for-sale residential and cooperative (borettslag) development model, though OBOS operates at significantly greater scale and broader geographic reach than Folksom's regional Vestfold focus.
• AF Gruppen: Norwegian construction and real estate group with residential development arm (AF Eiendom). Comparable mixed-use development and rehabilitation focus with both residential and commercial projects across Norway.
• Veidekke Entreprenør: Major Norwegian construction and development group with residential and commercial property development arm. Comparable mixed residential-commercial project delivery and JV-driven urban development model, though operates at significantly larger scale across Norway and Scandinavia.

Others

• Betonmast: Norwegian construction company and direct implementation partner for Folksom on Foynkvartalet and Tolvsrød Torg. Comparable in residential and commercial building construction scope, and a key ecosystem partner rather than direct competitor.

Regional players

• Bonava: Swedish-German residential developer (former NCC Housing) focused on Nordic and Baltic markets. Comparable in producing for-sale apartments in urban regeneration areas, though primarily Sweden- and Germany-focused rather than Norway.

Direct peers

• Selvaag Bolig: Norwegian residential housing developer focused on the Oslo and greater Oslofjord region. Highly comparable business model of new-build apartments and urban infill projects, similar mid-scale developer profile, and notably Folksom's CEO Pål Egeland previously worked at Selvaag.
• Nordr (formerly Veidekke Eiendom): Norwegian residential and urban developer spun off from Veidekke, focused on Scandinavian housing and mixed-use projects. Comparable mid-market developer profile with similar urban infill, residential-commercial mix, and JV partnership approach.
• Aspelin Ramm: Norwegian real estate developer specializing in urban transformation and mixed-use projects in the Oslofjord region including Tønsberg. Highly comparable urban revitalization focus with both residential and commercial components, with similar project scale and JV-driven approach.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/folksomas
• LinkedInlinkedin.com/company/2534098
• Instagraminstagram.com/folksom

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Folksom