Hjertnes Eiendom

What Hjertnes Eiendom does

Hjertnes Eiendom AS is a privately held Norwegian real estate company headquartered in Sandefjord that owns, develops and manages a portfolio of commercial, retail, combination and residential properties concentrated in the Vestfold region (Sandefjord, Tønsberg, Larvik), with secondary holdings in Kongsberg, Horten and Kristiansand. The company manages approximately 180,000–210,000 m² of built space — of which roughly half is owned by Hjertnes itself and half by external owners who engage the firm for full-service administration — with an aggregate portfolio value reported at more than NOK 3 billion. The commercial portfolio spans office buildings (e.g. Fokserødveien 12, Egenesgården, Nedre Langgate 19/37), retail and big-box assets (e.g. Øya Larvik, Sølvparken Kongsberg, Nygårdsveien 76), combination buildings in Sandefjord city centre, and healthcare/activity complexes such as Kjelleparken Helsepark and Gressbanen.

The revenue model combines recurring rental income from owned commercial assets, recurring management and leasing fees on the third-party-owned portfolio, project-based income from residential development (Chr. Hvidts Plass, Villa Welding, Prinsens gate 1), and occasional transactional gains from buying and selling commercial properties. The company is currently executing several large capital projects, notably the total rehabilitation of Aagaards Plass 1–2 in Sandefjord, the 2024–2025 refurbishment of Fokserødveien 12 (BREEAM In-Use Very Good), and a joint development with Cosmic Bygg AS of a submarine battery factory for the Norwegian Armed Forces at Origo Næringspark in Horten. Operations are supported by an in-house technical team using SD-anlegg building management systems and FDV-verktøy facility-management tools, alongside sustainability certification programs (BREEAM, Miljøfyrtårn) and structured reporting against five UN Sustainable Development Goals.

The go-to-market is regionally focused and relationship-driven: commercial leasing is handled in-house by a dedicated utleiesjef and eiendomssjef, residential sales are conducted through project websites and direct outreach, and the company sources acquisition targets opportunistically. The customer base of 466 tenants is broadly diversified across SMEs and larger enterprises (DNB, Statsforvalteren, XXL, Coop, Rema 1000, Apotek 1, Byggmakker, Bertel O. Steen, Carlsen Fritzøe, Scanship/VOW, Sands Advokatfirma) as well as government/public-sector tenants; the ten largest customers represent approximately 42% of group revenue. The firm employs 10–11 people across the parent and subsidiary Hjertnes Eiendomsdrift AS and operates without external institutional or PE/VC backing.

Name

Hjertnes Eiendom

Legal name

Hjertnes Eiendom AS

Website

https://hjertnes.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Hjertnes Eiendom is a privately held Sandefjord-based Norwegian real estate company that owns, develops and manages approximately 180,000–210,000 m² of commercial, retail and residential property in the Vestfold region, with about half the portfolio administered on behalf of external owners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Real Estate Property Managers (53131), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Residential Remodelers (236118)

SIC

Operative Builders (1531), Real Estate Agents & Managers (For Others) (6531), Real Estate (6500), Operators Of Apartment Buildings (6513), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

New Construction & Builder Sales (BPAJAAAB)

akta.pro secondary industries

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE), Residential Luxury / High-End Home Construction (IMAFABAJ)

Keywords

• Commercial property management
• Residential real estate development
• Office leasing services
• Third-party property administration
• Sustainable building operations

Headquarters

HQ city

Sandefjord

HQ country

Norway

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Property Leasing: The primary revenue stream is renting out commercial properties (office, retail, and mixed-use) across Sandefjord, Tønsberg, Larvik, and other locations in Vestfold. The company owns and manages approximately 180,000-210,000 m² of commercial space. Approximately 50% of the managed portfolio is for external owners, meaning Hjertnes Eiendom earns management/lease fees as a third-party property manager.
2. Residential Property Development and Sales: Hjertnes Eiendom develops and sells new residential units (apartments and single-family homes) in Sandefjord. Completed projects include Chr. Hvidts Plass (12 apartments sold out), Castbergs Have, Hjertnespromenaden, Skogridderveien, and others. Revenue is one-time per unit sold.
3. Property Management Services: Full-service property management including maintenance, caretaker services (vaktmestertjenester), technical operations, and tenant relations. This covers approximately 50% of the managed portfolio for external owners.
4. Commercial Property Transactions: The company buys and sells commercial properties as part of portfolio management. Notable transactions include the acquisition of Tønsberg Kontoreiendom AS from Bjarøy Eiendom and the sale of Aagaards Plass 4.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Hjertnes Eiendom owns, develops, and manages commercial and residential real estate in Vestfold, Norway, with a portfolio of approximately 180,000–210,000 m² across Sandefjord, Tønsberg, and Larvik. The company provides full-service property administration (management, operations, and maintenance) for both its own buildings and for external property owners, who account for roughly half of the managed portfolio. It also develops and sells new residential apartments and homes in the Sandefjord area.

Product overview

Hjertnes Eiendom is a Norwegian real estate company operating as a unified property management platform offering commercial property ownership/management, residential development, property administration, and acquisition services. The core portfolio consists of approximately 180,000-210,000 sqm of commercial properties across Sandefjord, Tønsberg, and Larvik in Vestfold, including office buildings (Nordre Kullerød 20, Fokserødveien 12/F12, Egenesgården), retail properties (Øya Larvik, Sølvparken Kongsberg, Nygårdsveien XXL/Coop), combination buildings (Aagaards Plass 1-2, Rådhusgata 11, Jernbanealleen 17), and specialized properties (Kjelleparken Helsepark, Gressbanen). Residential development includes projects like Prinsens gate 1, Villa Welding, and Chr. Hvidts Plass. The company also operates co-working spaces (Kontorfellesskap R11, Tønsberg Gressbane Kontorfellesskap, Spor17) and provides property acquisition services. Approximately 50% of the portfolio is managed for external owners.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial property management (Næringseiendom)

Quantifiable outcome

• Only 1% vacancy rate across commercial portfolio of approximately 170,000-190,000 m²
• +4 more outcomes

Named customers21 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

Feature4 records

Partnerships

14 partnerships are on record, tiered minor and core.

• Larvik Eiendomsinvest ASminorStrategic or Co-development Partner · 4 July 2019Hjertnes Eiendom AS is the largest shareholder in Larvik Eiendomsinvest AS, which acquired approximately 90 dål (90,000 m²) of property including ~30,000 m² of building mass from Fritzøe Eiendom AS. A 50/50 co-development agreement was established with Fritzøe Eiendom AS for an undeveloped 20+dål plot. Hjertnes Eiendom provides property management services for the acquired assets.
• Fritzøe Eiendom ASminorStrategic or Co-development PartnerFritzøe Eiendom AS is co-owner of the Øya/Lågen development area in Larvik, selling property to Larvik Eiendomsinvest AS (majority owned by Hjertnes Eiendom). A 50/50 co-development partnership exists for undeveloped land. Fritzøe Engros AS (related entity) is a major anchor tenant.
• Cosmic Bygg AScoreStrategic or Co-development PartnerHjertnes Eiendom AS and Cosmic Bygg AS have entered a joint agreement to build a new submarine battery factory for the Norwegian Armed Forces (Staten v/Forsvaret) at Origo Næringspark in Horten. Hjertnes Eiendom owns the land (10,500 m² site), and Cosmic Bygg AS is the construction partner. This is a landmark project for the defence sector.
• ISS (Integrated Service Solutions)minorImplementation/ SI/ Consulting PartnerHjertnes Eiendom has extended its long-standing relationship with ISS as the provider of FM (facility management) services at Fokserødveien 12. ISS provides cleaning and other facility services to the building.
• Format Eiendom ASminorStrategic or Co-development PartnerFormat Eiendom AS in Tønsberg is a co-development partner in the Nygårdsveien 76 (Coop Extra) retail property in Sandefjord. The property is fully let to Coop.
• BackegruppenminorStrategic or Co-development PartnerHjertnes Eiendom co-developed the Hjertnespromenaden residential project (50 apartments + 2 commercial units + 60-space parking garage) with Backegruppen. Project completed 2010.
• Niamo Arkitektur (tenant)minorOthersNiamo Arkitektur AS is a tenant in the Aagaards Plass co-working space, providing architectural services and serving as both a tenant and a project partner for the landlord.
• Bygg og Maskin ASminorImplementation/ SI/ Consulting PartnerBygg og Maskin AS is the main contractor (hovedentreprenør) for the Aagaards Plass 1-2 rehabilitation project.
• Consto AScoreImplementation/ SI/ Consulting PartnerConsto AS was the main contractor (totalentreprenør) for the comprehensive rehabilitation of Fokserødveien 12 (F12) in 2024-2025. The project focused on reuse of materials, environmental solutions, and future-proof building systems. Sub-contractors included Ingeniør Pettersen (structural engineering), Moelven (walls), Malermester Bjørvik & Haugen (painting), Bacas AS (ventilation), and Låsesmeden Sandefjord (access control).
• Akse Byggteknikk ASminorImplementation/ SI/ Consulting PartnerAkse Byggteknikk AS is the structural engineer (RIB) for the Aagaards Plass 1-2 rehabilitation project.
• EcoGrave (tenant)minorOthersEcoGrave is a tenant in the Aagaards Plass co-working space.
• Landskapskollektivet (tenant)minorOthersLandskapskollektivet is a tenant in the Aagaards Plass co-working space.
• iteam (tenant)minorOthersiteam is a tenant in the Aagaards Plass co-working space.
• Davidhorn AS (tenant)minorOthersDavidhorn AS is a tenant in the Aagaards Plass co-working space.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Heimstaden: Major Nordic residential real estate owner/manager. Comparable in property ownership and management discipline but operates at significantly larger scale across multiple Nordic countries.
• OBOS: Large Norwegian housing cooperative and real estate developer. Comparable in residential development and member/customer focus, with overlapping apartment development pipeline in Norwegian cities.
• Entra ASA: Large publicly listed Norwegian commercial real estate company focused on office space. Overlaps with Hjertnes Eiendom in office leasing to government and enterprise tenants (e.g., Statsforvalteren, DNB) but operates at materially larger scale.
• Aspelin Ramm: Established Norwegian commercial and residential real estate developer with broader geographic footprint and larger project portfolio. Overlaps with Hjertnes Eiendom in office and mixed-use development but operates at greater scale across multiple Norwegian cities.
• AF Eiendom: Norwegian property developer and manager affiliated with AF Gruppen, with residential and commercial project pipeline. Comparable in combining construction-integrated development with active property ownership in Norwegian regional markets.
• FABEiendom (Fredensborg): Norwegian real estate investment and management platform with residential and commercial exposure. Comparable in active asset management philosophy but operates a broader Nordic portfolio.

Direct peers

• Malling & Co: Norwegian commercial real estate advisory and management firm with similar property management and transaction capabilities. Comparable in serving office/retail tenants and property owners across regional Norwegian markets.
• Salt Eiendom: Norwegian commercial real estate owner/developer with a comparable mid-sized portfolio across regional Norwegian cities. Similar operating model combining ownership, development, and active management of mixed office/retail/combination properties.
• Bjarøy Eiendom: Norwegian regional real estate company operating in the same Vestfold/Tønsberg market. Directly comparable because Bjarøy sold Tønsberg Kontoreiendom AS to Hjertnes Eiendom in 2024, making it a transaction counterparty with overlapping portfolios in the same geography.

Emerging players

• Bonum Eiendom: Norwegian property developer with residential focus, including senior-friendly housing concepts. Comparable in the residential development segment targeting downsizing/active-adult buyers in Norwegian regional markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hjertnes-eiendom

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 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 Hjertnes Eiendom