NOK 370 million secured: Investor group led by Arendals Fossekompani fully finances public aquatic center

(Arendal, 25 June 2026) Arendals Fossekompani has secured full financing for the public aquatic center at Vindholmen, bringing the project significantly closer to realisation. With a strong investor group in place, the company is now commencing preparatory work ahead of the final construction decision in August.
 

The investor group is led by Arendals Fossekompani as majority owner (51%), alongside Pactum Eiendom AS (29%) and Uthalden Eiendom AS (20%). The total investment framework is approximately NOK 370 million.

The facility will give the region a state-of-the-art swimming and bathing offering, including indoor and outdoor pools, diving facilities, water slides, a gym and a café. It represents one of the largest private investments in public health and urban development in Arendal in many years.
 

"This is an important milestone, and we are now a significant step further in the project. The facility will be a fantastic asset for the city and region that many will enjoy for years to come. Having secured strong, long-term co-investors demonstrates that others share our belief in both the project and the region," says Lars Peder Fensli, CFO of Arendals Fossekompani and Chair of AFK Eiendom.
 

"This is a well-developed and commercially solid project in a region we believe in. We particularly value the opportunity to partner with such a strong partner as Arendals Fossekompani, and we appreciate the long-term perspective that comes with developing a project like this for Arendal municipality," says Espen Marcussen, CEO of Pactum and Chair of Pactum Eiendom.

Arendal Municipality as tenant
 

Arendal Municipality will be a key user of the facility through a long-term agreement, covering pool time and lanes -- primarily for school swimming instruction, but also sports sessions and therapy pool hours for health services.
 

"A facility of this quality means a great deal to Arendal. It gives residents a long-awaited swimming and bathing offering and secures swimming education for schools. In addition, a modern therapy pool will be an important resource for people with rheumatic conditions and other groups who need it for health reasons. I would like to extend my sincere thanks to Arendals Fossekompani for contributing to further elevating our municipality and region with this fantastic facility," says Inger Brokka de Ruiter, Acting Mayor of Arendal Municipality.
 

Preparatory work under way
 

The final construction decision will be taken in August, in line with the project's progress plan and the agreement with Arendal Municipality.
 

"The coming period will be used to prepare the site for construction. We will demolish the existing hall on the site, submit a planning application and complete detailed design drawings. If the construction decision is confirmed in August, the facility is expected to be completed in Q3 2028. We have worked towards this for many years, so it is gratifying to be this much closer to realisation," says Tom Krusche Pedersen, Head of Property at AFK Eiendom.

Project facts

Location: Vindholmen, Arendal
 

Investors: Arendals Fossekompani, through wholly owned subsidiary AFK Eiendom AS (51%), Pactum Eiendom AS (29%), Uthalden Eiendom AS (20%)
 

Project cost. NOK 370 million
 

Size: Approx. 3,700 m² (incl. gym approx. 450 m²)
 

Working title: Arendal Folkebad; final name to be announced
 

Facilities. 6-lane competition pool with spectator seating, training/therapy pool, children's pool with water toys and slides, family pool with current channel, diving facilities (1, 3 and 5 metres), water slide, hot tubs, massage jets, water cannons, sauna and kiosk. Second floor: gym (approx. 450 m²), treatment rooms, shared assembly room and changing facilities.
 

Outdoor. Pool, hot tub, cold plunge pool, café/restaurant and sun deck facing the sea
 

Planned completion: Q3 2028
 

Contractor: Backe Sør AS
 

About the investors
 

Arendals Fossekompani is an industrial investment company owning energy and technology related companies that enable the energy transition and develop next-generation industrial technologies. Since its founding in 1896, Arendals Fossekompani has been a proud producer of renewable hydropower. The company is headquartered in Arendal and has been listed on Oslo Stock Exchange since 1913. Through its portfolio company AFK Eiendom, the group is developing Vindholmen and is the initiator and largest owner of the public baths facility.
 

Pactum Eiendom AS is owned by Pactum AS, an investment company controlled by Nikolai E. Astrup and Henning E. Astrup.
 

Uthalden Eiendom AS is owned by Harald Moræus-Hanssen and family.