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Current news from Allstad

OVF becomes Allstad

The Norwegian Church Endowment and Clemens Eiendom will become Allstad on 1 September.
Published 19.08.2024
The Oslo Hospital project is under development and is expected to be completed in 2026. Here, the past and future, old and new, meet – this is Allstad

New owner, new company and new name

In June 2024, the Storting decided that ownership of OVF would be transferred from the Ministry of Children and Families to the Ministry of Trade, Industry and Fisheries (NFD). The state will continue to be the sole owner of the company, and the Ownership Department of the NFD will exercise ownership. The Storting also decided that OVF would be transformed from a fund with its own administrative body and special act, into a state-owned limited company. This means that, as of 1 September, the Norwegian Church Endowment and its wholly owned subsidiary Clemens Eiendom (CE) will become a new joint company. The assets of OVF and CE will constitute the opening balance sheet of the new company, and all employees, customer relationships, supplier relationships, etc. will be carried forward into the new company.

The new company is called Allstad – a name that refers to its broad presence in large parts of the country. The company will receive a new organisation number and a legal structure in which Allstad as is the name of the group. The subsidiaries Geisli Energi and Clemens Kraft, which we own together with equal partners, are not covered by the transformation.

Although we are facing major changes, much will nevertheless remain as before. For the most part, we are the same people with the same drive and desire to create value for the community. We will continue to manage and develop property in towns and rural areas, operate forestry and agriculture, develop green energy for the green transition, and preserve and communicate the history of the vicarages.


New social mission

The government has decided that the entire dividend from Allstad will go towards building up the Church Preservation Fund, which was established under the Directorate for Cultural Heritage earlier this year. This fund will finance the maintenance and restoration of nearly one thousand cultural heritage churches in Norway, and this is a social mission that Allstad finds meaningful and is proud to contribute to.