Asset manager NREP's Nordic Strategies Fund I has acquired a large plot of land at Enghave Brygge in the South Harbor of Copenhagen for a new mixed-use development.
Asset manager NREP's Nordic Strategies Fund I has acquired a large plot of land at Enghave Brygge in the South Harbor of Copenhagen for a new mixed-use development.
The acquisition, which was executed in a joint venture with NPV, amounts to a price of DKK 230 mln (€31 mln). NPV is already a partner of NREP with regards to the development of the BIG Shopping Centre in Herlev, near Copenhagen.
The vendor is Swedish developer JM.
The land plot holds 85,500 m2 of building rights, 50,500 m2 of which are for residential use and 35,000 m2 are for commercial use.
Closing of the transaction is expected for December.
'The Enghave Brygge area will be one of the prime waterfront locations in Copenhagen once the entire district area has been developed. We are excited to participate in its development over the coming years and we look forward to continuing our partnership with NPV,' said Rasmus Nørgaard, CIO and Partner at NREP.
NREP Nordic Strategies Fund I invests in retail, logistics and residential properties in the Nordic region. The fund is backed by a number of Nordic and international institutional investors and has invested or committed over €1 bn since inception in May 2014.