Værste

What Værste does

Værste AS is a privately held Norwegian urban development company, established in December 1998 by local owners and investors after acquiring the former Fredrikstad Mekaniske Verksted (FMV) shipyard site from Kværner Eiendom. The FMV shipyard operated on Kråkerøy from 1870 until 1987 and was once one of Scandinavia's largest; Værste AS is redeveloping this ~650-acre waterfront brownfield into an integrated mixed-use city district directly connected to Fredrikstad city centre by a footbridge.

The company's product portfolio combines residential developments (Byhaven with its Vertikal, Amber, Jadegården, Onyx, and Timber buildings plus townhouses; Innseilingen; Tårnene på Værstetorvet; future Værste Syd–Kanalbyen with ~1,300 planned units), commercial real estate (the Værstetorvet shopping centre with ~65 shops and restaurants, plus K60 and Værstetorvet Nord office buildings), and integrated public-facing amenities (Helsehuset health centre, Dreieværste education building, parking, ferry access, cycling infrastructure). As of 2026, the district comprises 165,000 sqm of commercial space, ~500 completed homes, ~4,800 students and pupils, and ~3,000 jobs. Architecture is delivered with Griff Arkitektur (master plan and Byhaven/Værstetorvet design) and Atelier Oslo (Innseilingen), with interior concepts by RCO Interiørdesign/Gitte Rimstad.

Værste generates revenue through three streams: (i) one-time residential sales (selveier and borettslag apartments, plus a Coo-powered shared-ownership/deleie option) sold through PrivatMegleren, with 1-room units at Innseilingen starting from NOK 2.95 million; (ii) recurring commercial leasing of retail and office space to enterprise tenants including Gjensidige (200+ employees), NAV, Wang Ung, Helsehuset, and ~60 retail/restaurant operators; and (iii) ongoing property management. Construction is executed with Solid Entreprenør AS as main contractor under a NOK 1 billion contract for Byhaven and Værstetorvet, and co-development partners Stene Stål Gjenvinning and Solid Eiendom for Innseilingen.

Name

Værste

Legal name

Værste AS

Website

https://vaerste.no

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Værste AS is a privately held Norwegian urban developer that has transformed the former Fredrikstad Mekaniske Verksted shipyard on Kråkerøy into a ~650-acre mixed-use district combining residential units, retail, offices, healthcare, and education. It serves home buyers, commercial tenants, and institutional anchors in Fredrikstad.

Ownership category

akta.pro rank

Product category

Mixed-Use Urban Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (53111), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

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

Keywords

• Urban district development
• Mixed-use real estate
• Residential property development
• Commercial real estate leasing
• Sustainable urban renewal

Headquarters

HQ city

Fredrikstad

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, Others

Revenue model

1. Residential property sales: Værste AS develops and sells residential apartments and townhouses (e.g., Byhaven, Innseilingen, Tårnene på Værstetorvet) directly to end consumers. Properties include both selveier (owner-occupied) apartments and borettslag (cooperative housing) apartments, sold through PrivatMegleren.
2. Commercial leasing: Værste AS leases commercial retail and office space in the Værste district, including the Værstetorvet shopping centre (approximately 60 shops and restaurants) and office buildings to businesses. Tenants include OBS, Sport 1, Apotek 1, Elkjøp, Gant, Sabrura, Jordbærpikene, and others.
3. Property management services: Ongoing management and operation of the Værste district including parking facilities, common areas, and tenant coordination.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Værste AS is a privately held urban development company that transforms the former Fredrikstad Mekaniske Verksted (FMV) shipyard on Kråkerøy into a mixed-use urban district in Fredrikstad, Norway. The company develops and sells residential apartments and townhouses (e.g., Byhaven, Innseilingen, Tårnene på Værstetorvet, Værste Brygge, Åsgårdhagen) and leases commercial retail and office space (Værstetorvet shopping center, K60, Værstetorvet Nord). Residential sales are conducted through PrivatMegleren, while commercial leasing is managed directly by Værste AS.

Product overview

Værste AS operates as a comprehensive urban development platform transforming the former Fredrikstad Mekaniske Verksted shipyard into a mixed-use city district. The product portfolio centers on residential developments (Byhaven with its Vertikal, Amber, Jadegården, Onyx, and Timber buildings plus Townhouses; Innseilingen waterfront project; Værste Syd-Kanalbyen future development), commercial real estate (Værstetorvet shopping center, K60 and Værstetorvet Nord commercial spaces), and integrated amenities (Helsehuset health center, Dreieværste education hub, parking facilities). The platform approach integrates housing, commerce, education, sports, culture, and public services within a cohesive urban neighborhood development spanning approximately 650 acres on Kråkerøy in Fredrikstad.

Differentiator

Problem solved

Functional benefit

Brands

• Byhaven: Residential development project in Værste featuring multiple buildings with varied facades and architectural character, including apartments and townhouses with common rooftop garden.
• Værstetorvet
• Dreieværste
• Værste Syd - Kanalbyen
• Innseilingen
• Tårnene på Værstetorvet

Products and services

• Byhaven A residential complex in Fredrikstad's new city district featuring multiple apartment buildings with varied architecture, including Vertikal (13-story tower), Amber, Jadegården, Onyx, and Timber buildings, plus townhouses and a shared rooftop garden. Offers apartments ranging from studio to 5-room penthouse units with balanced ventilation and water-borne underfloor heating.
• Innseilingen A waterfront residential development on Værste Syd featuring apartments with direct access to the river, marina facilities, and proximity to Ballastparken. Planned as the first sub-project of Værste Syd - Kanalbyen, designed by Atelier Oslo in partnership with Stene Stål Gjenvinning/Solid Eiendom.
• Værste Brygge An established waterfront residential area on Værste with apartments completed since 2016, offering urban living with proximity to the river and walking bridge connection to Fredrikstad city center.
• Værstetorvet Shopping Center A street-level shopping center integrated with Byhaven residential complex, featuring approximately 65 modern shops, restaurants, a food hall, and service businesses including OBS grocery, Sport 1, Apotek 1, Elkjøp, Gant, Sabrura Sticks & Sushi, and Jordbærpikene café.
• Værste Syd - Kanalbyen Future development area planned for approximately 1,300 residential units including single-family homes and family apartments, with new kindergarten and primary school for 540 children, canal integration for boat access, public parks, and two larger marinas. Located on 143 acres south of the existing Værste area.
• Commercial Rental Spaces (Ledige lokaler) Available commercial rental spaces including Værstetorvet Nord and K60 office/commercial buildings in Fredrikstad's new city district, targeting businesses seeking central locations in the urban development area.
• Tårnene på Værstetorvet Three towers with modern apartments at Værstetorvet, inspired by Fredrikstad's traditional brick architecture.
• Åsgårdhagen New residential project in the Værste district currently listed as 'coming soon' on the company website.

Quantifiable outcome

• 69,000 visitors attended the Værstetorvet opening weekend
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Solid Entreprenør AScoreOthers · 1 January 2021Solid Entreprenør AS was selected as the main contractor (totalentreprenør) for the Byhaven and Værstetorvet projects. The Fredrikstad-based company brings long experience and a strong position in the construction industry in Eastern Norway. The contract has a value of approximately one billion Norwegian kroner, with construction involving around 400 people. Solid is supported by Råde Graveservice (excavation) and Kynningsrud Fundamentering (piling/spunting).
• Griff ArkitekturcoreStrategic or Co-development PartnerGriff Arkitektur is the Fredrikstad-based architecture firm responsible for the master design of Byhaven and Værstetorvet. The firm has over 20 years of experience in urban development and has previously delivered Fredrikstad Stadion, the Gangbro (footbridge), and Litteraturhuset. They won the architectural competition for 'Campus' (new public project with Fredrikstad II videregående skole, sports hall, and ice rink) and received the Østfold Arkitektforening's Arnold Arneberg Prize in 2019 (Storgata 5) and 2014 (Perlemorveien housing project).
• RCO Interiørdesign / Gitte RimstadcoreStrategic or Co-development PartnerRCO Interiørdesign, led by interior architect Gitte Rimstad, worked with Værste AS to design the interior concepts for Byhaven apartments. Gitte has 18 years of experience in property development, with notable projects including Havegaten in Tønsberg, Villa P on Bekkestua, Rift Colosseum on Majorstuen, Schlägergården Hage on Lysaker, and Clemenskvartalet and Munch Brygke in Bjørvika (winner of Oslo City Architecture Prize 2020).
• PrivatMeglerencoreChannel Partner/ Reseller/ DistributorPrivatMegleren is the exclusive real estate agent for selling all Værste residential properties, including Byhaven apartments and townhouses. The Fredrikstad office, with brokers Martin Spinnvåg and Per Olav Borgås, handles sales, viewings, and buyer enquiries.
• CoominorStrategic or Co-development PartnerCoo is a shared ownership (deleie) platform enabling buyers who lack full equity to purchase a share of a property in Byhaven. Coo co-owns the property, the buyer pays monthly rent for Coo's share, and can gradually buy out the share over time. All available apartments in Byhaven are eligible for Coo shared ownership.
• Stene Stål Gjenvinning / Stene EiendomcoreStrategic or Co-development PartnerStene Stål Gjenvinning (Øyvind Stene) and Solid Eiendom are co-developers of the Innseilingen project at Værste Syd. The partnership brings together local property development expertise and industrial site history (Stene Stål has operated on the site since 1989) to create a residential area with marina access.
• Atelier OslocoreStrategic or Co-development PartnerAtelier Oslo (Thomas Liu, partner and architect) designed the Innseilingen residential project at Værste Syd. The firm described the location as having 'fantastic potential' and noted it will be 'an enormous boost for the whole city.'
• HjemJobbHjemminorStrategic or Co-development PartnerHjemJobbHjem is a mobility programme for businesses in the Nedre Glomma area (Fredrikstad/Sarpsborg) that encourages employees to walk, cycle, or take public transport to work. Værste is a member, and the scheme offers favourable deals on e-bikes. A bicycle wash machine was installed at Værste through this partnership.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• OBOS Nye Hjem: OBOS is Norway's largest housing developer, developing residential communities across Norway including urban infill and mixed-use projects. Directly comparable as a Norwegian residential developer selling owner-occupied and cooperative housing, with similar borettslag structures to Værste's Byhaven.
• Veidekke Eiendom: Veidekke is a major Norwegian construction and property development company, developing residential and commercial real estate in Norway and Scandinavia. Comparable as a vertically integrated Norwegian developer combining construction expertise with property development, similar to Værste's partnership with Solid Entreprenør.
• Selvaag Bolig: Selvaag Bolig ASA is one of Norway's largest residential developers, building homes primarily in the Oslo region and other Norwegian cities. Comparable as a publicly-traded Norwegian residential developer targeting urban buyers with modern apartments.
• JM Norge: JM is a leading Nordic residential developer with significant Norwegian operations, focused on urban residential projects with sustainability emphasis. Comparable business model targeting urban residential buyers with sustainability features, similar to Værste's heat recovery and rooftop garden positioning.
• NCC Bolig: NCC is one of the largest Nordic construction and real estate companies, with a residential development arm in Norway developing urban housing projects. Comparable as a large Nordic residential developer with urban project focus and construction expertise.

Broad incumbents

• Skanska Norge: Skanska is one of the world's largest construction and project development companies, with significant Norwegian operations covering residential, commercial, and infrastructure. Comparable as a broad incumbent with residential development capabilities and urban project experience, though operating at much larger scale and geographic breadth than Værste.
• Entra ASA: Entra is a leading Norwegian commercial real estate company focused on office buildings, currently owned by the Norwegian state. Comparable as a major Norwegian real estate player with focus on commercial leasing to enterprise tenants like Gjensidige — overlaps with Værste's office leasing business but with a broader portfolio.
• AF Gruppen: AF Gruppen is a leading Norwegian contracting and real estate development company with operations across Norway and Scandinavia. Comparable as a broad incumbent with property development capabilities alongside construction, though operating across multiple sectors beyond residential master-planning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/vaerste

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Værste