Real estate investor Nrep has expanded its residential portfolio in Sweden’s capital with the acquisition of two apartment complexes from Magnolia Bostad.
Nrep has invested an undisclosed amount on behalf of its perpetual open-ended core-plus vehicle Nrep Income Plus fund to buy the two sites in central Stockholm comprising 524 homes for rent.
The assets are located in the Ångloket neighbourhood in Knivsta and the Brogårdsstaden district in Upplands-Bro.
Carl-Adam von Scheele, the head of Sweden at Nrep, said: “This acquisition is enabling us to meet our goal of expanding our residential portfolio in the Stockholm region, which is experiencing exponential demand for rental accommodation.
“The portfolio, offering 524 apartments, is of a significant scale, and we are pleased to be providing the local market with even greater volumes of quality housing in a desirable location and at an affordable price point.”
Nrep has a portfolio of approximately 3,700 homes in Sweden which are at various stages of development.
Nrep is part of Urban Partners – a capital pooling platform created with Velo Capital, Luma Equity and venture capital firm 2150.
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