Niam and Milton Huse join forces to establish a new joint venture aimed at developing, constructing, and operating terraced house projects in Denmark. The newly formed company, named Kronhusene, will take over Milton Huse's current B2B business, including approximately 30 employees and land with the potential to build over 1,200 terraced houses.
Niam will own 75% of the new joint venture, while Erik Rehnquist, founder of Milton Huse, will own 25% and continue as an active director. The remaining management will consist of Christian Toft as CEO and Michael Hvid as CFO, from Milton Huse.
Michael Berthelsen, Country Manager for Niam, commented: “We are pleased to once again expand our collaboration with Milton Huse, having previously acquired a number of residential projects from them. We consider Milton's B2B business to be a professional and complete setup that, with sufficient capital from Niam, can be lifted to new levels. We expect that together, we can accelerate our common ESG ambitions and continue to have a sharp focus on our tenants' future housing needs.”
Henrik Gerdin, Fund Manager at Niam, added: “Niam has been an active player in the Nordic residential market since year 2000, executing a wide range of transactions across the entire spectrum of the market, exceeding an aggregated value of €3bn. Building on this success, I am excited to continue implementing this winning strategy and leveraging our expertise in the Nordic region over the coming years.”
Erik Rehnquist, founder of Milton Huse, said: “We aim to establish a unique market position as the leading end-to-end property group by combining Milton Huse's expertise in homebuilding with Niam's experience in operating rental properties and access to growth capital. With the growing demand for rental housing, our objective is to build a large-scale portfolio of appealing terraced houses within a few years, which will be built in accordance with the DGNB Gold-standard.”