Nordic real estate investor NREP has increased its exposure to the elderly care sector with the acquisition of a 13-asset portfolio in Sweden.
NREP said its open-ended core-plus Nordic real estate fund NREP Income Plus (NIP) has bought the portfolio from Fastighets AB Stenvalvet for €200m.
The portfolio increases NREP’s Altura care home platform to over €1bn of assets under management.
Jani Nokkanen, CIO and partner at NREP, said: “We remain unwaveringly consistent in our customer-centric approach to investment, and consider the care sector to present a particularly attractive opportunity to deliver solutions to a clear societal problem, with the world’s aged population continuing to expand presenting an urgent need for suitable housing facilities.
“NREP views this fast-growing and demographically supported sector as an attractive area that appeals on account of its high impact potential alongside the ability to effectively apply our market-leading sustainability practices.”
Dorotea Stellmach, the head of Sweden of Altura, said: “We look forward to integrating this portfolio into the wider Altura platform and enhancing its performance with a focus on sustainability and building productive relationships with the underlying tenants, operators and municipalities.
“NREP’s value-based philosophy extends beyond care homes, with similarly enriching potential offered through investment in other socially important functions, such as schools, where the business is well placed to capitalise.”
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