Information in English: The Norwegian Church Endowment
The Norwegian Church Endowment (OVF) is a state-owned fund that dates back to the Middle Ages and the presence of the Roman Catholic Church in Norway. The fund is an independent legal entity, with the majority of assets in real property and financial assets.
Sustainable administration in accordance with church values
The aim of OVF is to create sustainable financial results and deliver the financial outcome for our owner the state. In managing property and securities for the fund, we are committed to taking into account ethical, cultural heritage and environmental considerations. We strive to ensure that the management and operations are in line with the ethical values and also commercially justifiable.
About OVF and yearly summary 2020
OVF owns 262 vicarages, including bishops’ residences. 84 of these residences are listed cultural heritage properties. The total area of the buildings, including garages etc. is approximately 197,000 square meter.
Leaseholds, Agriculture and Cultural heritage properties
By the end of 2023, OVF had approximately 5,900 leaseholds, of which near 4,200 are let for residential and leisure purposes. OVF has a total of 132 farm leases. The 20 farms are primarily kept due to their cultural and historical heritage importance.The long history and foundation of the fund has resulted in an extensive portfolio of cultural heritage properties. OVF’s strategy is to maintain this portfolio.
The long history and foundation of the fund has resulted in an extensive portfolio of cultural heritage properties. OVF’s strategy is to maintain this portfolio.
Forestry
OVF owns 877,000
hectar of forests and uncultivated land. Around 58% (506,000 hectar)
is operated as commercial forestry. 100,000 m3 of timber is felled in the
course of 2020, 6% less than the previous year. Regeneration through
growth and replanting of the forest accounted for approximately 210,000
m3 in 2023. Total forestry income was NOK 69 million in 2023.
Real property and estate development
OVF is working with a substantial portfolio of property development prospects, including a few real estate developments. The main purpose of the property development is to regulate the sites before selling them. Some major sites, in high value areas, are to be developed and kept with a view to further increasing the fund’s annual operational cash flow. Many of the projects are to be transferred (sold) to Clemens Eiendom, OVF’s wholly owned subsidiary.
Clemens Eiendom
Clemens Eiendom is a real estate company which is engaged in commercial development of OVF’s properties. Clemens Eiendom is also the manager of OVF’s commercial real estate properties.
Small Hydro-Electric Power (HEP) plants
Small hydro electric power is a business area that exploits OVF’s waterfall rights. The business area is organized in its own subsidiary; Clemens Kraft. The business area is organized in a joint venture company; Clemens Kraft Holding AS. By the end of 2023, Clemens Kraft Holding AS has partial ownership in 52 operational power plants. Clemens Kraft is a leading player in this field in Norway.
Solar Power
OVF and Hydro Rein are equal partners in the joint venture company Geisli Energi with plans to build industrial scaled, land based solar power plants on OVF properties. The company was launched in 2023 and the projects are now in the design and license application phase.