Fortigo Properties is a privately held real estate investment and advisory firm co-founded by

Middelborg AS (Kristian Lundkvist) and Terje Nesbakken. Investing across the Nordics, we seek to leverage our corporate finance experience, together with a hands-on development and management approach.

Fortigo Properties also acts as strategic and financial advisors to selected real estate investors. We provide full-service advisory for international investors, often seeking co-investment to ensure alignment of interests.​


Our team possesses extensive experience from investment banking, investment management and corporate finance within the real estate sector, as well as significant board experience from public and private companies.

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Managing Director and Co-Founder

Terje has more than 25 years of experience from investment banking, corporate finance, investment management and as private investor, and have been involved in many large and complex real estate transactions over the last two decades.  The last 20 years he has worked primarily within the real estate sector across the Nordics.


Previous positions include Head of Real Estate at First Securities and Partner and co-owner in UNION Gruppen. Terje has an extensive network in the Nordic real estate community as well as towards international investors with interest in the Nordic real estate market.


Terje has held and holds numerous positions as chairman of the board or board member, including listed companies. The majority of the board positions are within the real estate sector, in funds, real estate companies and SPVs.

+47 911 10 789

Anders Smedsrud

Investment Director

Anders joined Fortigo in 2021 as an Investment Director, from the role of Partner at Pareto Securities investment banking, where he worked on equity, debt, and M&A transactions. He holds an MBA degree from Oxford University, with a major in finance, and a bachelor's degree from Columbia University, with specializations in business management and history.

Anders has a strong international finance background, with several years of capital markets experience from Citigroup in New York and London. He also has operational experience from managing an international logistics finance team in the Netherlands. Other work experience includes internships at Oakley Capital Private Equity and SEB.


+47 411 09 401

Carl Fredrik Lystad

Investment Analyst

Carl holds an MSc in Industrial Economics and Technology Mgmt from NTNU, specializing in Mathematical Optimization and Artificial Intelligence. He is a former college athlete (soccer) at Long Island University, where he obtained a BSc in Finance. 


Carl joined Fortigo Properties in the summer of 2020. He has prior experience from Norwegian tech companies reMarkable and Visma. ​



+47 926 51 905



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