June 27th, 2007
Realia Group Oy: Realia Group´s purchase of Ober-Haus creates Central Eastern Europe´s largest property agency
Realia Group Oy of Finland, the owner of the dominant Finnish real estate brands Huoneistokeskus, SKV and Huom!, today purchased Ober-Haus Real Estate Advisors to create the largest property agency in Central and Eastern Europe.
The newly enlarged real estate services group now employs nearly 2000 people in Finland, Estonia, Latvia, Lithuania, Poland and Ukraine, making it the largest real estate brokerage firm in Central and Eastern Europe. The estimated turnover of Realia Group for year 2007 is 140 million euros.Top management of Ober-Haus will all stay and become shareholders of Realia Group, which aims to use its increased size to become the dominant real estate service provider throughout both Scandinavia and Central and Eastern Europe.
Realia Group is owned by Sponsor Capital, Nordea Bank, Varma (Mutual Pension Insurance Company) and the Finnish Industry Investment Ltd.
"We see a great possibility for strong growth in those countries, which have over 100 million people," states Risto Kyhälä, the Managing Director of Realia Group Oy. "The middle class segment becomes more prosperous and upgrades their living standards quickly. This creates more business opportunities for us."
The acquisition enables Realia Group to layer its deep property management experience over the large office network Ober-Haus has throughout Central Europe.
"There is a huge demand for Realia Group's knowhow, especially in housing management but also in real estate management in general", says Peter Gage Morris, the Managing Director of Ober-Haus. Peter Gage Morris, the Managing Director of Ober-Haus, joins the Executive Board of Realia Group, with responsibility for the group's international business.
Ober-Haus was founded in 1994 by Paul Oberschneider in Tallinn Estonia with three employees, and has grown organically to become one of the leading real estate service companies with 35 offices and over 350 brokers covering the five countries of Estonia, Latvia, Lithuania, Poland and Ukraine.
Realia Group Oy, Managing Director Risto Kyhälä, mobile +358 400 99 88 00
AS OberHaus, Managing Director Peter Gage Morris, mobile +48 50 22 46 446
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