Kraftinvestor Einar Aas has built up a real estate portfolio worth more than half a billion.
GRIMSTAD (Nettavisen): Power speculator Einar Aas (47) has bought his own street in Grimstad, but the street is not easy to find. Even with GPS you have to drag a bit to find the real estate simulation.
Behind a wrought iron sport a driveway lined with vowels begins. Everything is impeccable, with beautiful green. The private home and office space of the former billionaire are high with a beautiful view and a large green area has been built with its own brewery up to the fjord.
From here, Einar Aas has checked his investment activities, and now he runs the risk of losing everything in the bankruptcy sale that is likely to come to the door.
– Wednesday night my entire portfolio was forced to sell by Nasdaq, which resulted in a very large personal loss. The result of this is agreement or personal bankruptcy, wrote Einar Aas in a press release. Since then, he has not wanted to answer questions from the media.
Preliminary information indicates that Einar Aas personally lost $ 1.3 billion in investments with impairment. In addition, the hedge fund of the Oslo Stock Exchange can lose approximately one billion kroner.
Among the great losers who now have to spend money are Statkraft and the Finnish energy company Fortum. Statkraft pays NOK 48 million, while Fortum has to pay 200 million crowns.
Other Norwegian companies that have to pay a million are Equionor, Hafslund, BKK, Norsk Hydro and DNB.
Taper also does the municipality of Grimstad and the rest of the municipality of Norway. The biggest taxpayer in the country is gone and he can now recover the tax revenues of the past two years for his loss of 1.3 billion.
real estate investor
In the past ten years, Einar Aas has had a total tax income in excess of 2.7 billion, according to tax rates. At the same time, he has built up a wealth of billionaires.
From the beginning he made investments through the company Kraftforvaltning AS, but when a lot of attention was paid to the profits, the extremely media-savvy investor opted to make speculations with electricity private. It can be his work now.
In recent years, Einar Aas has shifted profits from the electricity market and into real estate, but he has retained most of his personal assets and non-established companies that could limit the fall.
Now he can be forced to sell everything he owns to pay billions.
Houses in Oslo, Grimstad and Nissedal
In public property registers, Einar Aas is listed with significant properties both in Grimstad, Oslo and Nissedal.
In his private street Naxbie in Grimstad, he has five properties that were bought in the period 2004 – 2012 for a total of 45.6 million. Since then, the properties have improved considerably.
What the Naxbie Street is worth in the current market is difficult to estimate. Grimstad is a small town with few people who can afford to buy something like that. But little by little, there can be about 100 million crowns.
Cabins for large quantity
In addition to the properties in Naxbie Street, Einar Aas owns landlords in both Grimstad and Nissedal. Huts and land properties have been bought for a little more than NOK 54 million in recent years.
The most valuable features are probably Hesnesveien 185, which is undisturbed by itself, somewhat in the ocean opening to the east of Grimstad.
Only three years ago Einar Aas bought a new contract – Stølepynten 40 – towards the sea just south of Grimstad. Then he gave $ 30 million for the property.
Both of the two buildings have considerable value after strong investments. At Stølepynten there is a new tennis court and the property has a large private beach with a pier and a boathouse. The most up-to-date photos can be found at Opplysningen 1881.
Both country houses will be easy to sell in a liquid market for such commercial properties.
Strandhugg at Tjuvholmen
The then powerful energy investor Einar Aas also bought several apartments in Tjuvholmen at Aker Brygge in Oslo. Both apartments are located on the top floor of Strandpromenaden 5.
Aas bought the first apartment for NOK 14.2 million in March 2009, followed by the purchase of the neighboring apartment – which belonged to the famous architect Finn Sandmæl – a few months later for NOK 27.5 million.
In addition, Einar Aas has bought two cabins on the mountain in Nissedal, Telemark, to build a solid mountain hut.
The market value of the entire private real estate portfolio is unknown, but it is probably well over NOK 300 million in Norway. Now everything can go under the hammer.
Large real estate project
The old company Kraftforvaltning AS is now renamed Toppen Invest, Einar Aas holds 100% of the shares.
The main shareholder personally recorded NOK 280 million, representing a debt to the shareholder in the accounts. This money now goes into the possible agreement or bankruptcy and benefits the creditors.
Top Invest has booked assets worth NOK 478 million, of which NOK 258 million is invested in subsidiaries and NOK 182 million in market shares.
One of the biggest investments is in Viking Heat Engines, which generate electricity from residual heat.
Heavy in Marbella
The notes in the accounts are very scarce, but the three subsidiaries are Spread Inbersiones (60 percent), Jardinan AS (59 percent) and El Unico AS (68 percent).
Almost NOK 220 million was invested in the subsidiaries Jarinian and El Unico, as Finansavisen previously wrote in project development in Marbella, Spain.
The accounts of El Unico state that "the company has invested in a real estate project in Spain, representing a 40% stake in the project".
A similar wording can be found in Jardinan's accounts: "The company has invested in a real estate project in Spain, representing a 50% stake in the project".
Both companies have more Aust-Agder investors on the ownership side – including Jan Sigurd Otterlei, but Einar Aas and his Top Invest have the majority and complete control.
At least half a billion
Overall, the total value of the properties in Norway and Spain is uncertain. This depends, among other things, on investments en route and the market development of the investments in Marbella.
Without a valuation, the total is more than $ 500 million, but the amount can also be higher. However, it is hardly sufficient to cover the undercutting by Einar Aas of 1.3 billion.
If he can not find a voluntary solution with his creditors, this may be against the sale of real estate in Grimstad.
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