DNB has entered into an agreement to divest DNB Næringseiendom to Union Gruppen, while DNB Liv simultaneously acquires a 30 percent stake in Union.

The parties are also establishing a long-term strategic partnership in commercial real estate management and property investment.

DNB stated that real estate remains an important asset class for the group, but that future growth is best achieved within a specialized entity outside the banking group.

Following the transaction, the combined operations will manage assets of approximately NOK 51 billion and employ 107 people. The deal is subject to approval from the Norwegian competition and financial authorities.