Swedish private equity firms Altor Equity Partners and Bure Equity have announced plans to start the sales process of their real estate company Norrvidden, which owns assets worth at SEK 6.4 bn (EUR 660 mln) in the country.

In a statement on Friday, the two owners said they are looking for a long-term owner of for Norrvidden, a leading property company in northern Sweden. Norrvinden was bought by the Altor Fund III and Bure Equity's Skrindan back in 2009.

'We believe that Norrvidden with its good reputation, strong market position and very interesting portfolio will generate a lot of interest among players looking to increase their real estate investments in northern Sweden,' said Chariman Per Uhlén. 'A strong Norrvidden is even stronger with a long-term owner.'

Norrvidden, founded in 2002, has offices in Sundsvall, Östersund, Gävle, Umeå and Luleå, owns a commercial real estate portfolio consisting of 840,000 m2 and valued at SEK 6.4 bn. In 2010, rental income amounted to just over SEK 700 mln and the business recorded a pre-tax profit of SEK 175 mln.

Leimdörfer is acting as financial advisor in the sale of Norrvidden.