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Bane NOR Eiendom AS – Company Presentation
Norway's leading hub developer
This presentation and its appendices (collectively the "Presentation") has been produced by Bane NOR Eiendom AS (the "Company") with assistance from Danske Bank, Norwegian Branch and and Nordea
Bank AB (publ), filial i Norge (together the "Managers") in connection with the offering of bonds by the Company (the "Offering").
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PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT,
FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND
FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND
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THE INFORMATION INCLUDED IN THIS PRESENTATION.
Important information (1/2)
2
The Managers have not engaged any external advisors to carry out any due diligence investigations and have not taken any steps to verify any of the information contained herein other than a due diligence
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the Investor understands that the Offering may be offered only to "qualified investors" for the purposes of sections 86(1) and 86(7) FSMA, or to limited numbers of UK investors, or only where minima are
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FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. THE BONDS HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES
ACT OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, UNLESS AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF BONDS WILL ONLY BE OFFERED OR SOLD (I)
WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QUALIFIED INSTITUTIONAL BUYERS ("QIBs") IN OFFERING TRANSACTIONS NOT
INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCE WITH REGULATION S. ANY PURCHASER OF BONDS IN THE UNITED
STATES, OR TO OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION
THAT THE PURCHASER IS A QIB. NORDEA BANK AB (PUBL), FILIAL I NORGE IS NOT REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AS A U.S. REGISTERED
BROKER-DEALER AND WILL NOT OFFER OR SELL THE BONDS WITHIN THE UNITED STATES.
This Presentation speaks as of 11 June 2018. There may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the delivery of this Presentation nor
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Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court (Nw: Oslo tingrett) as
exclusive venue.
Important information (2/2)
3
Speakers
Petter Eiken
EVP Bane NOR & CEO
Bane NOR Eiendom AS
Torkil Sletten Sven Erik Pløen
SVP, Head of Corporate
Finance, Bane NOR
Head of Funding, Corporate
Finance, Bane NOR
4
Bane NOR Eiendom - Norway's leading hub developer
▪ Introduction
▪ The Railway Reform and Bane NOR
▪ Business strategy and segments
▪ Financial overview
▪ Appendix
Agenda
5
Bane NOR Eiendom AS
▪ Well established company with new and
stronger framework conditions
▪ 100% owned subsidiary of Bane NOR SF
▪ Norway’s leading hub developer
▪ Owns, develops and manages railway
stations, stops, workshops, terminals,
operating buildings and infrastructure
properties in Norway
▪ Involved in more than 200 property
development projects
Bane NOR Eiendom AS
Bane NOR SF
100%
100%
Bane NOR Eiendom - Norway's leading hub developer6
Bane NOR Eiendom - Norway's leading hub developer
Not just any real estate company…Strategically
important for the
Norwegian state
Large and
diversified
real estate portfolio
Norway’s leading
hub developer
Conservative
capital structure
1
2
3
4
Bane NOR Eiendom AS
Properties 964
Land area 2,810 hectares
Buildings 980
Built area 715,000 m2
Leases 3,000
Development potential* 2 million m2
Railway stations 330
Maintenance halls 12
Terminals 10
Market value** NOK 14,2 billion
Rent income 2017 NOK 733 million
EBITDA 2017 NOK 549 million
*Internal estimate based on evaluation of properties city by city (excluding development potential from
properties currently owned by Bane NOR SF)
**Average estimate as per 31.12.2017 provided by Newsec and C&W. Includes 100% owned real estate.
excludes i) JV i.e. OSU (33%) and ii) significant upside potential of "land bank“ from regulations change
7
Bane NOR Eiendom - Norway's leading hub developer
▪ Introduction
▪ The Railway Reform and Bane NOR
▪ Business strategy and segments
▪ Financials overview
▪ Appendix
Agenda
8
An important position in the society
National Transport Plan outlines historically large funding of railways maintenance and
investments in Norway (NOK ~320 billion from 2018-2029)
Bane NOR Eiendom - Norway's leading hub developer9
The Railway Reform – new and stronger framework conditions
▪ The Railway sector was reformed through White
Paper no. 27 from 12 May 2015
▪ Enable competition for passenger rail services
▪ The rationale for combining real estate
responsibilities under Bane NOR was a need for
holistic and comprehensive property
development given the complexity related to
railways and hubs
▪ Real estate shall constitute one of three income
sources for the railways
▪ To ensure predictability, Bane NOR have
entered into long-term agreements with the state
(Railway Directorate)
Changes as a consequence of the Railway Reform
Jernbaneverket was phased into Bane NOR per 2017, while ROM Eiendom AS was transferred from NSB to
Bane NOR during April 2017, with a full year accounting effect
Bane NOR SFInfrastructure
Manager
Ministry of
Transportation and
Communications
Railway
Directorate
Norwegian
Railway Authority
Norske Tog ASRolling Stock
Ownership
Mantena ASRolling Stock
Maintenance
NSB ASPassenger
Operator
Entur ASSales Ticketing
Bane NOR
Eiendom AS
We create the railway of the future10
Bane NOR Group
▪ Bane NOR established as a group structure
governed by the board of directors
▪ Based on Jernbaneverket and ROM Eiendom AS
▪ Bane NOR’s main responsibility is operating,
owning, maintaining and building railway
infrastructure
▪ Bane NOR, through the real estate division, is
responsible for the management of all railway
property and also the related properties around
the stations and maintenance halls
▪ Five divisions with responsibility for each of
their business line
Board
CEO Internal Audit
Corporate
Governance
Safety and
Quality
Communications HR
Infrastructure
Management
Traffic Operations
and Customer
Services
Real Estate
Management
Digitalization and
Technology
Infrastructure
Construction
We create the railway of the future11
Five divisions with responsibility for each of their business line
Planning and construction of projects related to new infrastructure
450 employees
Operation, maintenance and investment projects related to improvement of the existing infrastructure
2,200 employees
Operational traffic management, operational route planning, train contractor agreements and information to travellers
850 employees
Management and development of the group’s real estate
200 employees
Development and delivery within digitalisation and technology for the whole company
600 employees
Digitalisation
and Technology
Infrastructure
ConstructionReal Estate
Infrastructure
Management
Traffic Operations
and Customer
Services
We create the railway of the future12
Commercial
objectives
Commercial
objectives and
domestic headquarter
Commercial and
other defined
objectives
Regulator and
political objectives
Baneservice DNB NSB Bane NOR
Entra Kongsberg Gruppen Posten Norge Avinor
Flytoget Norsk Hydro Statkraft Norske Tog
Mesta Statoil Eksportfinans Nye Veier
SAS Telenor Kommunalbanken Statnett
Government ownership and strategic importance to Norwegian infrastructure
Bane NOR is defined as a category 4 company*
1 2 3 4
Importance of “government related entity”
*A category 4 company fulfils national sectorial political objectives. The Norwegian government sets guidelines for a number of conditions, including airport structure,
emergency preparedness, aviation fees and duties imposed by society
Source: Norwegian Government (https://www.regjeringen.no/contentassets/63686604f2af43a8947448f242463208/oversikt-over-statens-direkte-eierskap.pdf)
We create the railway of the future13
We create the railway of the future
Bane NOR Group - Value based business
Norway on railsVISION
Europe’s safest railway
More value for money
Cost-effective resource allocation
Increased quality and predictability in our deliveries
Efficiency through enhanced productivity and modernisation
Customers first
User-friendly services for all target groups
Traffic management, infrastructure and solutions providing high punctuality and regularity
Services providing high customer satisfaction
Future-oriented
contributor to society
Leading developer of public transportation hubs
High-quality digital solutions and processes
Environmentally effective solutions
Attractive employer
VALUESOpen, engaged and professional
CULTURESecurity, accuracy, performance and cooperation culture
14
Bane NOR Eiendom - Norway's leading hub developer
▪ Introduction
▪ The Railway Reform and Bane NOR
▪ Business strategy and segments
▪ Financial overview
▪ Appendix
Agenda
15
Bane NOR Property's five strategic objectives
To develop hubs in order to support national targets for densification and
increased use of public transport (railways)
To provide property services that reinforce customer satisfaction and
make rail travel more attractive
To ensure access to the necessary property for efficient traffic
management and further infrastructure development
To optimize administration, operation and maintenance of all property
from a life cycle perspective (value/cost/time)
To add value by means of a stable cash flow from long-term ownership,
plus development of assets and implementation of property
Five strategic objectives
Bane NOR Eiendom - Norway's leading hub developer16
Dept. Stations and Property
▪ Two real estate environments were
combined into one with the merging of
former ROM Eiendom and the Norwegian
National Rail Administration's Stations
and Property to form Bane NOR Eiendom
▪ The rationale for the merger was a need
for holistic and comprehensive property
development given the complexity related
to railways and hubs
"More value for money""Emphasis on
customers""Forward-thinking social
stakeholder"
▪ Europe's leading
stakeholder in the
development and
administration of hubs
▪ Create densification
around hubs and rail
traffic growth
▪ Leading expertise in
property and a
knowledge of how
property adds value to
railways
▪ Staff who are committed
to and proud of their
involvement in the
community
▪ Reinforce the
attractiveness of rail
travel and create traffic
growth
▪ High customer
satisfaction levels and a
good reputation
▪ Attractive partner in the
market and for Bane
NOR
▪ Collective culture that
promotes positive
interaction
▪ Returns and development
of assets in respect of
real estate
▪ Create more value than
the market can supply
▪ Cost-effective
safeguarding
of property assets
▪ Structured processes that
promote continuous
improvement
One collective real estate business contributes to Bane NOR’s strategic targets
Bane NOR Eiendom - Norway's leading hub developer17
Bane NOR’s property portfolio opens many opportunities- Portfolio of 2 mill m2 in all major cities and new railway infrastructure
Drammen
Stavanger
Oslo S.
Sundvollen, Filipstad…
Bane NOR Eiendom - Norway's leading hub developer18
Ski
Oslo S. Utvikling (OSU) – «Barcode»
19 Bane NOR Eiendom - Norway's leading hub developer
Norway’s leading hub developer
Stations
Bus
Tram
Taxi Boat
P
P
P P
Hu
b d
eve
lop
me
nt
▪ Bane NOR has a large real estate portfolio in central locations next
to transportations hubs in several Norwegian cities with significant
value potential and opportunities over time, such as continuous
development of Oslo S, Fillipstad Brygge and Lodalen
▪ Bane NOR has a unique position as the leading player in major
public property developments due to:
• Long-term regulatory work
• Complex processes involving many stakeholders
Residential OfficesHotelsCommercial
P PTram
BoatStationBus Taxi
20
Key player amongst important stakeholders
Bane NOR
Public
Roads
Admin.
Munici-
palities
Counties
Ruter#
Ministry
Cultural
Heritage
Management
Office
Real estate
developers
Agency for
Planning and
Building
Services
Norwegian
Railway
Directorate
Harbour
Authority
Plans for Moss “Barcode”21
Bane NOR Eiendom - Norway's leading hub developer
▪ Introduction
▪ The Railway Reform and Bane NOR
▪ Business strategy and segments
▪ Financial overview
▪ Appendix
Agenda
22
Financing platform and strategy
▪ Following the Railway Reform, the former internal debt facility to NSB AS was refinanced in
January 2017
▪ Articles of association prohibits borrowing at SF level
▪ Bane NOR Eiendom entered into a loan agreement with five commercial banks on long-term
debt facilities NOK 6,5 bn; NOK 5 bn term loan and NOK 1,5 bn RCF, which forms the current
debt financing platform.
▪ Currently available undrawn RCF is NOK 1,0 bn.
▪ Existing financing contains change of control clause to Norwegian state and is conducted on
negative pledge basis with certain carve-outs for JV projects, similar structure is expected to
be retained for future financing
▪ Bane NOR Eiendom envisages to mainly carry out refinancing of drawn debt in the bond
market and expect to retain its low loan to value and conservative financial profile going
forward
▪ Bane NOR Eiendom AS currently report under simplified IFRS, i.e. any bond issues under
current reporting standard will be listed on Nordic ABM
▪ Capital injection into new joint development projects mainly comprise land from Bane NOR’s
existing large portfolio of land
39%Loan to
value
NOK
911million
Operating
income
NOK
549million
EBITDA
Key figures 2017
Bane NOR Eiendom - Norway's leading hub developer23
Diversified revenue base of NOK 733m (2017)
74%
6%
12%
Øst
Sør
NordVest
8%
40%
Housing
20%
Projects
Industry8%
11%
Station
Maintenance and storage
20%
Garage/ParkingOffice/Business
Property categories by rent (outer chart) and market value (inner chart)
Property geographies** by rent (outer chart) and market value (inner chart)
..And market values of NOK 14.2bn*Largest tenants (2018E)
5%33%
9%
17%
33%
9% 9%
78%
4%
Lease related to railway (2018E)
*Provided by Newsec and C&W per December 2017. includes 100% owned real estate. excludes i) JV i.e. OSU (33%) and ii) significant part of "land bank“
**Figure include 100% owned real estate, JV’s are used to a larger extent in other regions than east
of which 18% is related to
Oslo Central Station
18%27%
73% of lease income is
related to railway
73%
Bane NOR Eiendom - Norway's leading hub developer
24%Other
14%
14%
17%
25%Railway stations(retail part)
24
Upside potential both from expansive railway sector and portfolio clean-up
▪ Bane NOR Eiendom AS generates income both through rental,
development and divestment
▪ Development comprise housing, office, hotel, retail real estate and
railway service facilities on their own or in partnership, currently ~200
active property development projects
▪ Both existing rental real estate and development projects are strongly
linked to railway infrastructure. Bane NOR Eiendom AS is, “on order”
from the Ministry of Transport and Communications, investing NOK ~1
billion in developing workshops which will further strengthen this link
▪ There group has a large land portfolio which provide future
development opportunities
▪ Most developed commercial real estate are natural divestment
candidates at the right market conditions
Development and divestment strategy Clean-up of portfolio
▪ Sale of closed railway stations
Non operative stations, stations along discontinued railways
and protected building which require substantial
maintenance and are financed by other activities
▪ Sale of lease land
Total portfolio of 1,200 land lease contracts, non strategic
land will be reviewed and considered sold
▪ Sale of closed operational properties
Sale of properties without link to railways or development
potential
▪ Leasing of closed railway stations and operational
properties
Bare-house rental to municipalities, organizations and
others
1
2
3
4
Bane NOR Eiendom - Norway's leading hub developer25
Income Statement
NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016
Operating income 910,992 938,520
Salary and other personnel expenses (58,557) (149,849)
Activated project hours 4,835 11,059
Depreciations and write-downs (203,528) (188,385)
Other operating expenses (378,468) (263,752)
Sum operating expenses (635,718) (590,927)
Income from joint ventures 70,593 99,309
Operating profit 345,867 446,902
Net financial items (155,625) (136,014)
Ordinary result before taxes 190,242 310,888
Taxes (32,460) (25,390)
Net income 157,782 285,498
Annual estimate deviations pensions over extended
earnings (8,325)
Deferred tax on estimated deviation pensions extended
profit 2,161
Extended result (6,164)
Net profit for the year 157,782 279,335
▪ Jernbaneverket was phased into Bane NOR per 2017, while ROM Eiendom AS was
transferred from NSB to Bane NOR during April 2017, with a full year accounting
effect for 2017
▪ 2016 accounts reflect former ROM Eiendom AS, however is substantially a name
change
▪ Drop in revenue in 2017 compared with 2016 is driven by a reduction in sale of
assets, total of NOK 204 million in 2016 compared with a NOK 87 million in 2017
▪ Former Mantena AS workshops was transferred to Bane NOR Eiendom AS and
account for an increase in income of approximately NOK 60 million and an increase
operating expenses and depreciation of NOK 47 million
Operating income breakdown 2017 2016
Rental revenues 771,491 692,571
Other operating income 57,260 182,287
Sale of properties and other 82,241 63,662
Sum Operating income 910,992 938,520
EBITDA breakdown 2017 2016
Sum EBITDA 549,395 635,287
Sale of properties 82,241 192,406
EBTIDA in JV’s 70,595 99,387
Adj. EBITDA 396,559 343,494
26
Balance sheet
NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016
Share Capital 209,000 209,000
Retained earnings 530,250 467,464
Minority interest 645
Total equity 739,250 677,109
Interest-bearing long-term debt 5,545,091 2,331
Pension liabilities 69,225
Other provisions 33,269 27,332
Total long-term liabilities 5,578,360 98,888
Short-term interest bearing debt to parent 5,671,000
Trade creditors 361,076 379,023
Tax payable 25,144 36,918
Construction loan 417,439 134,919
Other liabilities 11,322
Total short-term liabilities 814,981 6,221,860
Total liabilities 6,393,341 6,320,748
TOTAL EQUITY AND LIABILITIES 7,132,591 6,997,857
NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016
Deferred tax assets 3,681 15,574
Tangible assets 138,836 151,821
Buildings and other real estate 4,613,397 4,356,644
Investments in associated companies and joint ventures 512,746 588,619
Fixed financial assets 109,536 79,576
Total fixed assets 5,378,196 5,192,234
Development properties held for sale 1,025,438 932,378
Trade receivables and other receivables 399,990 712,529
Current financial assets 2,151
Cash 328,967 158,565
Total current assets 1,754,395 1,805,623
TOTAL ASSETS 7,132,591 6,997,857
▪ Short-term interest bearing debt to parent in 2016 comprised an internal loan from
NSB AS, the debt was refinanced by bank debt following the formation of Bane
NOR and Bane NOR Eiendom
▪ Investments in associated companies and joint ventures are accounted for using
the cost method, however Bane NOR Eiendom’s share of Oslo S Utvikling (1/3) is
alone valued at NOK 1,1bn
Bane NOR Eiendom - Norway's leading hub developer27
Cash Flow and Liquidity
NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016
Cash flow from financing
Loan repayments (5,671,000)
Admission of loans 5,827,611 2,447,203
Group contribution paid (124,210) (136,495)
Dividend paid (2,714,555)
Net cash flow from financing 32,401 (403,847)
Change in cash position 274,267 146,030
Liquidity reserve at the beginning of the period 158,565 12,505
Liquidity reserve at the end of the period 432,832 158,535
NOKm (Consolidated figures Bane NOR Eiendom AS) 2017 2016
Cash flow from operations 614,102 938,248
Net financial items (144,595) (156,144)
Tax payable - -
Net cash flow from operations 469,507 782,104
Cash flow form investments
Acquisition of subsidiaries (net of cash in subsidiaries) - (39,682)
Purchase of tangible fixed assets (7,468) (150,592)
Sale of investment property - 162,406
Eliminated gains sales of land to joint ventures 5,945 35,744
Acquisition investment property (403,615) (291,537)
Proceeds from disposal of tangible fixed assets,
development property and investment property114,039 15,122
Dividend received 256,000 62,500
Loans granted to associated companies (23,242) (2,402)
Investments in associated companies (169,300) (23,786)
Net cash flow from investments (227,641) (232,227)
▪ Drop in cash flow from operations mainly relate to changes in proceeds from sales of
investment- and development-property
▪ In addition to is solid cash balance, Bane NOR Eiendom currently has available and
committed undrawn debt facilities is NOK 1,0 billion
Bane NOR Eiendom - Norway's leading hub developer28
Key infrastructure provider and strategically important for the Norwegian state, categorized by the
government as the highest level of strategic ownership importance
Large and diversified portfolio heavily weighted towards infrastructure and large share of leasing income
arise from the state
Norway’s leading hub developer comprising housing, office, hotel, retail property and railway service
facilities
Upside potential from expansive railway sector, National transport plan outlines historically large funding
of railways with a budget of NOK ~320 billion from 2018-2029
Conservative financial profile with LTV of 39% per Dec 2017 (not including JV’s)
Summary - not just any real estate company
1
2
3
4
5
Bane NOR Eiendom - Norway's leading hub developer29
Thank you for listening!
Bane NOR Eiendom - Norway's leading hub developer30
Bane NOR Eiendom - Norway's leading hub developer
▪ Introduction
▪ The Railway Reform and Bane NOR
▪ Business strategy and segments
▪ Financial overview
▪ Appendix
Agenda
31
Bane NOR Eiendom AS Total real estate division*
Properties 964 4,469
Land area 2,810 hectares 162,350 hectares
Buildings 980 2,850
Built area 715,000 m2 1,120,000 m2
Leases 3,000 3,250
Development potential** 2 million m2 N/A
Railway stations 330 335
Maintenance halls 12 N/A
Terminals 10 N/A
Employees 0 200
Market values NOK 14,2 billion*** NOK 45,4 billion****
Rent income 2017 NOK 733 million N/A
EBITDA 2017 NOK 549 million N/A
Key figures
*Includes Bane NOR Eiendom AS and real estate owned by Bane NOR SF
** Internal estimate based on evaluation of properties city by city (excluding development potential from properties currently owned by Bane NOR SF)
** Average estimate as per 31.12.2017 provided by Newsec and C&W. Includes 100 % owned real estate. excludes i) JV i.e. OSU (33%) and ii) significant upside potential of "land bank“ from
regulations change
****Incudes estimated replacement value for all rail ground
Bane NOR Eiendom - Norway's leading hub developer32
Freight terminals Crossings Tons of ore, timber and
containers in 2015Railway bridges
Kilometers of railway Tunnels Railway stations and stops
for passenger traffic
Total journeys in
2016
Oslo Bergen Trondheim Stavanger
Departures
per day
Railways are key infrastructure in Norway
▪ Start of new railway tunnel in Oslo (completed in
2032)
▪ InterCity: Double tram to Hamar (Åkersvika),
Fredrikstad (Seut) and Tønsberg in 2024. Further to
Sarpsborg in 2026
▪ Outer InterCity: 2032 Skien and 2034: Halden and
Lillehammer
▪ Ringeriksbanen (building start 2021/2022)
▪ Double track Arna-Stanghelle
▪ Offers improvements in the Oslo area,
on Vossebanen, Jærbanen and
▪ Trønderbanen with minor
measures (route 2027)
▪ Launch of Grenlandsbanen
(Linking of Vestfoldbanen
and Sørlandsbanen)
▪ Electrification of Trønder- and
Meråker-railway
▪ Start-up municipality plan
Sandnes-Nærbø, and KVU
for Nærbø-Egersund
National transport plan outlines historically large investments in railways in Norway (NOK ~320 billion from 2018-2029)
Bane NOR Eiendom - Norway's leading hub developer33
▪ Owns and operates 330 railway stations
and stops
▪ Major diversity: From large, well-known
stations such as Oslo S, to small,
unmanned stations, protected and
preserved stations and stations of cultural
importance
▪ These stations must be attractive and
meet the needs of passengers, with
functional public areas and a relevant
service and information offering
▪ Operating and maintaining 12 train
workshops all over the country, 230,000
sq. m of buildings
▪ Leasing and developing complete
workshops set up for a modern, well-run
railway suitable for handling future
competition
▪ Developing new workshops for the
railways of the future “on order” from the
Ministry of Transport and
Communications
▪ Railway property owns and manages
980 buildings and 2,810 hectares of
land area
▪ Most of the real este portfolio is leased,
and a lot of it is used internally by Bane
NOR
▪ One of the biggest property developers
in Norway
▪ Significant development potential in the
portfolio
▪ Developing housing, offices, hotels,
commercial premises and railway
service facilities
▪ Commercial actor, creating significant
value and value for owner
Bane NOR Eiendom AS - Business segments
Station operations1 Railway property2
Maintenance halls3 Property development4
Bane NOR Eiendom - Norway's leading hub developer34
Management at Bane NOR Eiendom
Legal
Kirsti B. Ward
HR
Anette Palm Vesterkjær
Workshops
Jan-Tore Iversen
Railway Property
Morten Floberghagen
Stations
Knut Ø. R. Johansen
CEO
Petter Eiken
Concept and Planning
Marianne S. Aasen
Marketing and Communication
Kristin Paus
Jørn Seljelid
Strategy and Development
Projects
Morten Austestad
Espen Wikerholmen
Business Controlling
Corporate Finance
Torkil Sletten
Sven Erik Pløen
Bane NOR Eiendom - Norway's leading hub developer35