Nordic real estate manager NRP has raised NOK1.6bn (€157.5m) for a newly launched core-plus fund.

The manager said the NRP Fund X fund, which has a NOK2bn hard cap target, has exceeded its NOK1.5bn fundraising target and made two investments.

The Oslo-based manager sais its fully invested Fund VIII had a target size of NOK1.5bn and was oversubscribed and closed at NOK1.6bn.

Last year NRP also created Fund IX, a €450m core fund backed by Allianz Real Estate and CBRE Global Investment Partners, with a portfolio made up of of eight logistics properties in the Nordic region acquired from previous NRP funds.

Ove Christian Norheim, NRP CEO, said: “2019 was an active year for our funds. Our business model enables us to divest and secure profits for our investors when opportunities arise.

“During the year, we have acquired and realised both stand-alone assets as well as a portfolio.”