Vedal

What Vedal does

Vedal AS is a Norwegian construction and real estate development group founded in 1986 and headquartered in Oslo. It operates through four wholly-owned subsidiaries — Vedal Utvikling (early-phase property development and co-investment), Vedal Prosjekt (project and construction management advisory), Vedal Entreprenør (general contracting and turnkey execution), and Norske Bæresystemer (structural systems for prefabricated timber, steel, concrete, and hybrid solutions). The group serves both public sector clients (municipalities, county administrations, state-owned healthcare enterprises) and private developers/institutional investors, with a particular focus on technically complex rehabilitation, transformation, and newbuild projects in the Oslo region and broader Eastern Norway. Key project categories include healthcare facilities (New Rikshospitalet, Ahus Somatics), schools (Ellingsrud, Rud videregående), commercial offices (Veksthuset, Hasle Kraft, Schweigaarden), heritage rehabilitation (Stortorvet 7, Telegrafen, Sannergata 2), and residential/mixed-use developments (Kanalbyen, Kystbyen Slemmestad, Landbrukskvartalet).

Revenue is generated primarily through collaborative total enterprise contracts ('totalentreprise i samarbeid') at Vedal Entreprenør, which generated approximately 2.249 billion NOK in 2023 exclusively through this model. Additional revenue streams include project and construction management fees (Vedal Prosjekt), developer and co-investment returns (Vedal Utvikling), and structural sub-contracting fees (Norske Bæresystemer). As of 2023, the group employed 257 people, had 340,068 m² BTA under execution and 562,310 m² BTA under development (including approximately 1,400 homes), and held co-investment exposure to projects totaling 18.7 billion NOK. The group is ISO 14001 certified across all operating subsidiaries, reports a 93.4% construction-site waste sorting rate, and transitioned from pure family ownership in 2023 to a hybrid model with 137 employee shareholders representing nearly 5% of equity. The group has won Cityprisen in 2021 and 2024 and Årets Bygg 2023 for heritage rehabilitation work, signaling recognized specialization in complex urban transformation projects.

Name

Vedal

Legal name

Vedal AS

Website

https://vedal.no

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

251–500 employees

Short description

Vedal AS is a Norwegian construction and real estate development group operating through four integrated subsidiaries covering property development, project management, contracting, and structural systems for public and private clients across Eastern Norway.

Ownership category

akta.pro rank

Product category

Construction and Real Estate Development

NAICS

Commercial and Institutional Building Construction (23622), Residential Building Construction (23611), Land Subdivision (23721)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

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

akta.pro secondary industry

Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)

Keywords

• Construction services
• Property development
• Project management
• Building rehabilitation
• Structural systems

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Construction Contracts (Totalentreprise): Vedal Entreprenør generates revenue primarily through total enterprise contracts in collaboration ('totalentreprise i samarbeid') with clients. The company completed approximately 2.249 billion NOK in revenue in 2023 exclusively through this model. Revenue is generated from both new construction and rehabilitation/modernization projects for private and public sector clients.
2. Property Development: Vedal Utvikling invests in and develops property projects, taking owner/developer responsibility and realizing projects together with partners. The company is co-owner in several development projects including Landbrukskvartalet, Trekanttomten, Kanalbyen, Magasinet, and others. Revenue is generated through project sales, co-investment returns, and developer fees.
3. Project and Construction Management Services: Vedal Prosjekt provides project management, construction management, design management, and contract administration services to clients (building owners), acting as the client's closest advisor throughout the project lifecycle. Fees are charged for advisory and management services across all project phases.
4. Structural Systems (Norske Bæresystemer): Norske Bæresystemer develops, plans, and executes structural system projects as a total sub-contractor. The company builds structural systems using prefabricated solid wood, slab decks/shell walls, steel, and concrete, as well as hybrid solutions, for main contractors. Revenue is generated through sub-contracting fees on construction projects.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Vedal AS develops, plans, and executes real estate and construction projects in close collaboration with its clients through four operating subsidiaries: Vedal Utvikling (early-phase property development and co-investment), Vedal Prosjekt (project and construction management advisory), Vedal Entreprenør (collaborative total enterprise construction contracts for newbuild, rehabilitation, and modernization), and Norske Bæresystemer (prefabricated structural systems in timber, steel, concrete, and hybrid solutions). The integrated "Vedal-modellen" covers all phases of a property project from concept through completion, serving both private and public sector clients primarily in the Oslo region.

Product overview

Vedal AS is a Norwegian construction and real estate development company that develops, plans, and executes real estate and construction projects in close collaboration with customers. The Vedal Group consists of four operating subsidiaries: Vedal Utvikling (early-phase property development and investment), Vedal Prosjekt (strategic advisor and project/construction management), Vedal Entreprenør (specialists in collaborative construction contracts), and Norske Bæresystemer (structural systems development and execution). Together, the four companies offer industry-leading expertise for all phases of a real estate project. The group also operates a summer internship program and internal leadership development program called 'Vedal-programmet'.

Differentiator

Problem solved

Functional benefit

Brands

• Vedal Utvikling: Property development subsidiary specializing in early-phase project development
• Vedal Prosjekt
• Vedal Entreprenør
• Norske Bæresystemer (NBS)

Products and services

• Vedal Utvikling Early-phase property development subsidiary that prepares concepts, calculations, market assessments, and leads the regulatory phase. Takes owner/client responsibility and invests in and executes projects in close collaboration with partners, with support from Vedal Entreprenør and Vedal Prosjekt. Co-invests in projects with total value of 18.7 billion NOK as of 2023.
• Vedal Prosjekt Strategic advisor and project manager with core expertise in project management, construction management, design management, and contract administration. Assists clients throughout the entire project lifecycle from idea to completion as the client's closest advisor. Over 50 employees provide advisory services across all project phases.
• Vedal Entreprenør Construction execution subsidiary specializing in collaborative total enterprise contracts (totalentreprise i samarbeid). Offers complete execution in turnkey contracts for new construction, rehabilitation, modernization, and preservation projects for both private and public sector clients. Had 98 employees as of 2023 and generated approximately 2.249 billion NOK in revenue in 2023 exclusively through collaborative total enterprise contracts.
• Norske Bæresystemer Structural systems subsidiary that develops, plans, and executes structural system projects as a total sub-contractor for main contractors. Builds structural systems using prefabricated solid timber, slab decks/shell walls, steel, and concrete, as well as hybrid solutions. Has 60 dedicated assembly workers in the assembly department.

Quantifiable outcome

• 93.4% waste sorting rate on construction sites, exceeding Norway's TEK17 minimum requirement of 70% (target: 95%; some projects achieved 100%)
• +3 more outcomes

Named customers14 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

Feature1 record

Partnerships

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

• Landbrukskvartalet Utvikling AScoreStrategic or Co-development Partner · 1 January 2025Owned by Norges Bondelag, Aspelin Ramm, and Vedal. Vedal Entreprenør signed a contract to build Schweigaarden (9,500 sqm office building) as the first project in the Landbrukskvartalet transformation, with planned construction start in August 2025 and completion in 2027/28.
• Norges BondelagcoreStrategic or Co-development Partner · 1 March 2023Norges Bondelag is a co-owner of Landbrukskvartalet Utvikling AS alongside Aspelin Ramm and Vedal. Together they are developing the Landbrukskvartalet in Schweigaards gate between Grønland and Gamlebyen in Oslo. The project comprises approximately 30,000 sqm of commercial space and about 180 homes, with regulation approved in March 2023. Norges Bondelag brings agricultural heritage and local community interests to the partnership.
• Aspelin Reitan Eiendom (Aspelin Ramm)coreStrategic or Co-development Partner · 1 March 2023Aspelin Ramm (part of Aspelin Reitan) is a co-owner of Landbrukskvartalet Utvikling AS alongside Norges Bondelag and Vedal. The partnership is developing the Landbrukskvartalet transformation project in Oslo. Aspelin Ramm leads the project organization, with Ulrik Aakervik Andersen as project manager.
• Ferd EiendomcoreStrategic or Co-development PartnerFerd and Vedal jointly purchased Trekanttomten (the last undeveloped plot in Vika) in 2020. The project, spanning approximately 30,000 sqm, is one of Oslo's most central development sites, located between the National Museum and Aker Brygge. The project aims to create an attractive workplace with bright connections and pleasant meeting places.
• Oslo Opportunity II AS (Clarkson Platou)majorStrategic or Co-development PartnerVedal co-owns Magasinet shopping center on Bragernes in Drammen with the fund Oslo Opportunity II AS (managed by Clarkson Platou). Together they aim to contribute to positive renewal of the city center area, transforming the current closed shopping center structure into an open and vibrant urban quarter with new housing, dining, modern office space, and retail concepts. The plan includes approximately 100 apartments and 14,000 sqm of commercial space.
• J.B. Ugland Eiendomsutvikling ASmajorStrategic or Co-development PartnerJ.B. Ugland and Vedal partnered in 2013 when Kristiansand Havn sought a 50% partner for the Kanalbyen development on Odderøya. They won the competitive tender and have developed approximately 700 homes across seven sub-fields, with four of seven fields completed as of 2025.
• Schage Eiendom ASmajorStrategic or Co-development PartnerSchage Eiendom was the client for the Stortorvet 7 rehabilitation project (32,000 sqm), which won both Cityprisen 2024 and Årets Bygg 2023. Vedal contributed through development, planning, and construction execution. The project involved the comprehensive transformation of an entire city block with complex building stock.
• Joh. Johannson EiendommajorStrategic or Co-development PartnerVedal and Joh. Johannson Eiendom co-own a property of approximately 5,000 sqm next to Volvat Medical Center. They are collaborating on a housing project with approximately 115 apartments in a quarter structure, with a protected courtyard. The project is in the planning phase.
• Eckbos Legat / Forenede Industrier ASminorStrategic or Co-development PartnerVedal Investor co-owns the Eckbos Have project with Eckbos Legat / Forenede Industrier AS. The project involves rehabilitation of a Swiss villa and construction of five villas with 22 unique apartments on approximately 8,000 sqm in Oslo.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• JM AB (Bonava Group): JM is a Swedish residential property developer active in the Nordic market. It is most comparable to Vedal's residential development arm (Vedal Utvikling / Kanalbyen-type projects), though it lacks Vedal's integrated construction execution capability.
• NCC AB: NCC is a major Nordic construction and property development company with active operations in Norway through NCC Building Norway. It competes with Vedal Entreprenør on nonresidential tenders and with Vedal Utvikling on residential and mixed-use developments.
• Peab AB: Peab is one of the largest Nordic construction and civil engineering groups, with a sizable Norwegian operation. Its business spans construction, civil engineering, and integrated project development, making it a comparable to all four Vedal subsidiaries.
• Skanska AB: Skanska is a leading European construction and project development company with a Nordic home market. Its integrated model spanning development, commercial property development, and construction execution closely mirrors Vedal's Vedal-modellen, though at much larger scale and geographic breadth.

Direct peers

• Backe Entreprenør AS: Backe Entreprenør is a Norwegian general contractor active in commercial buildings, housing, and rehabilitation. It directly competes with Vedal on construction tenders in the Oslo region and on integrated development opportunities.
• Consto AS: Consto is a Norwegian general contractor specializing in nonresidential construction including schools, hospitals, and commercial buildings. It competes with Vedal Entreprenør for the same public sector contracts in Eastern Norway.
• Veidekke ASA: Veidekke is a Norwegian construction contractor and property developer with integrated operations across construction, civil engineering, and residential development. It is the closest direct peer to Vedal, competing head-to-head for the same public and private sector contracts in the Oslo region.
• Selvaag Bolig ASA: Selvaag Bolig is a Norwegian residential property developer with a focus on the Oslo region. It is a direct comparable to Vedal Utvikling's residential development projects and a competitor for the same end-customer base.
• AF Gruppen ASA: AF Gruppen is a Norwegian construction and property group operating across building, civil engineering, and energy. It overlaps directly with Vedal in large-scale public tenders and rehabilitation projects in the Oslo/Eastern Norway market.

Regional players

• OBOS BBL: OBOS is a Norwegian housing cooperative that also develops and manages residential property. It is comparable to Vedal Utvikling's residential development segment and is a major Norwegian housing market player, though its cooperative ownership model differs from Vedal's structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Vedalbygg
• LinkedInlinkedin.com/company/vedal-as
• Instagraminstagram.com/vedal_as

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 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 Vedal