NREP has made its first investment in Poland as part of the Nordic real estate investor’s plan to extend its strategy into northern Europe.
As part of a strategy to invest €500m in Poland by year-end, NREP said it has bought a 130,000sqm logistics portfolio and invested in over 1,000 new residential apartments in central Warsaw.
The logistics deal comprises the acquisition of BIK SA, a local logistics real estate investor and developer with a portfolio of four standing assets with two potential extensions plus a land plot. The 1,000 residential housing investment will form part of NREP’s plan to deliver a total of 10,000 homes in major Polish cities by 2025, the manager said.
NREP which has in the past 15 years been investing in the Nordics, said it is now extending its presence to Poland to “leverage opportunities within the company’s two largest business areas, modern logistics and customer-centric rental housing”.
In total, NREP manages assets worth more than €10bn and has investment activities in Denmark, Finland, Sweden and Norway.
Claus Mathisen, NREP’s CEO, said: “Poland is sometimes described as Europe’s tiger economy, with low unemployment and rising wages. However, real estate quality and supply is generally lagging the impressive growth rates, and we see an opportunity to bring NREP’s approach and create value for all stakeholders.
“Our northern European pipeline holds an attractive set of opportunities within residential and logistics, and most of these are located in Poland. I expect that we will have acquired assets worth up to €500m and have 8-10 employees in Poland before year-end.”
Jani Nokkanen, CIO at NREP, said: “Poland is a European supply chain nexus and for us, as the largest pan-Nordic provider of modern logistics facilities, it is a very interesting market where massive infrastructure investments are planned.
”Our international customers have often asked us to look at projects here, and we are happy to now be able act on those invitations.”
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