Nordic real estate fund manager NREP has raised an initial €900m to invest in core-plus middle-income residentials, modern logistics facilities and social infrastructure assets.
The manager said the fundraising for semi open-ended NREP Income-plus fund has been backed by investors including Novo Holdings and Bouwinvest Real Estate Investors.
Last month, Bouwinvest, which invests internationally on behalf of Dutch pension fund BpfBouw, said it had committed €100m to an NREP strategy that targets various sectors in the Nordics.
NREP said it has already deployed two-thirds of the perpetual fund’s capital into investments representing all Nordic countries. The fund’s assets include a 27-metre clearance high-bay logistics building located close to Oslo and two care homes in the Stockholm region.
The manager said it plans to raise additional capital based on the fund’s investment pipeline.
Claus Mathisen, CEO of NREP, said: “Supported by enduring consumer trends and demographic developments, we can now extend our long-term approach even further to generate more income-orientated value. The new fund reflects a demand from many of our investors and it matches the investment opportunities we meet in the market.
“Despite a different and lower risk profile in this fund, our ambition to make real estate greener and more customer-friendly remains important to every investment we make.”
Robert Koot, director for European investments at Bouwinvest, said NREP has a strong presence in the “markets we like to invest in, with a proven and excellent track record”.
“Moreover, NREP is a likeminded partner with a strong sustainability agenda and a long-term focus. This fits our real value for life approach: the real estate investments we manage, contribute towards sustainable, liveable and accessible urban environments while improving pension benefits.”
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