Nrep’s open-ended core-plus Nordic real estate fund has secured a further €263m in capital commitments, taking the total equity raised to date to €1.85bn.
Urban Partners – a capital pooling platform created by Nrep, Velo Capital, Luma Equity and venture capital firm 2150 – said it has raised the additional capital for Nrep Income Plus, a fund focused on modern logistics facilities, residential for rent, and care homes in the Nordics.
Urban Partners said the latest fundraising was backed by global institutional investors comprising pension funds and insurance companies, a number of whom are advised by CBRE Investment Management’s indirect private real estate team, adding that it is looking to open up for further fundraising.
Rune Kock, CEO, Nrep, said the Nrep Income Plus fund is well-positioned to capture opportunities arising from positive macro-economic trends in the Nordics, particularly ”as we see markets stabilising following the turmoil of the last few years”.
Kock added: ”Our qualified €380m pipeline confirms our strategies are supported by strong demand and market fundamentals and, combined with our focus on transforming high emitting buildings while leveraging the team’s expertise in understanding tenants’ needs, we see great potential for both decarbonisation and making a real difference to people’s lives.”
Claus Mathisen, CEO, Urban Partners, said: “The fund’s growth is being supported by an increasing number of investors who share our perspective on the attractive backdrop for investments in structurally supported, inflation-protected and non-cyclic segments. This, along with the fund’s long-term outlook and low financing levels enables us to capitalise on attractive opportunities in the market.
“Investing in income-generating assets to tackle pressing challenges in sectors with rising demand is closely aligned with Urban Partners’ value-based investment philosophy to solve challenges across the urban eco-system.”
Nrep Income Plus has committed to close to 100 assets across 36 transactions since its inception in 2020.
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