Direct Investment - Project Financing
Establishing «Johnsen Broker AS» in 1983:
Reading about US tax-leveraged leasing in a special edition of “The Economist”, Helge Johnsen found that the then favourable tax and in particular the generous depreciation rates would be applicable and effective in establishing Norwegian SPVs (“single purpose vehicles”) investing in larger assets like aircraft and vessels. Further, it would effectively add to the benefits of “Double dip” tax-leveraged cross border leasing transactions involving US and Norwegian investors. The depreciation rates, 35% contract depreciation, followed by 20% on declining balance upon delivery of the asset, was launched by the Norwegian authorities and the then minister of finance, Per Kleppe, in order to stimulate investments. In addition to the depreciation rates, the package offered a four year grace period, in which the profit from sale of the asset could be reinvested, before having to pay tax on the profit.
(Advertisement in the SAS magazine 1985)
Helge Johnsen invited eight investors within shipping and realestate to participate as shareholders in Johnsen Brokers as, and established the company in Oslo in 1983. Making a summary of the Norwegian tax package, Helge visited Mr. Stephen Nevin, finance director of McDonnell Douglas on Long Beach, Los Angeles (12 years before the merger between McDonnell Douglas and Boeing). Mr Nevin was interested in the structure and responded positively. This led to the cooperation between Johnsen Brokers, SEB subsidiary FinansScandic and Merrill Lynch Capital Markets NY.
As tax benefits became less favourable over a few years, the company focused more on syndication of domestic SPVs, the depreciation rates still offering |a beneficial tax credit. The purchase of a bulk carrier from Jardine Matheson & Co., operated by Aaby Shipping Co., Oslo, on a 8,5 year T/C to Seabord, Miami, Fl. USA, proved to be a success.
(Helge Johnsen, Sven Salèn & HRH Prince Bertil)
In 1986 /-87, Johnsen Brokers AS started cooperating with Saab Aircraft, Sweden, manufacturing commuter aircraft. The first Saab SF340A aircraft was purchased in 1988, operated by Salair AB; Sweden and baptised “Ängsklockan” by HRH Prince Bertil of Sweden. Soon to follow was Saab SF340A “Blåklinten”. Syndicates / SPVs were also established for two commuter aircraft manufactured by Dornier GmBH I Munich, Germany.
Over the years, as tax rules and market conditions changed, Helge Johnsen accepted an offer to become “Director of Special Projects” in the shipping company Thor Dahl AS. When the shipping company was sold in October 1999, Helge took up syndication of investment SPVs.
Establishing «POINTER Eiendomsinvestor AS» in 2001:
Together with an experienced shipping and real estate investor, on a 50/50 basis, Helge Johnsen established Pointer Eiendomsinvestor AS. In the period from 2002 to 2007, the company established SPV’s investing in a total of approximately NOK 4 billion. See the brochure below for further information.
In the aftermath of the general financial crisis which started in 2008, the real estate market again appeared to be interesting, offering not a too high risk provided that the entrance ticket was reasonable and other relevant parameters, like location, technical standard etc. were in place and thoroughly assessed. Stavanger Realinvest AS, owned by Helge Johnsen and 24 local shareholders, was established in February 2011, now managed by local administration.
Over a period of 40 years, Helge Johnsen has built a network of people and companies which now represents a valuable asset. He is actively buying and selling commercial property, arranging club deals and opportunities for single investors, through his company POINTER Corporate, backed by highly skilled legal advisors, economic advisors, architects, geoengineers and structural engineers.