NREP closes €650m logistics sale in Nordics

Nordic Real Estate Partners (NREP), the pan-Nordic real estate investment manager, has sold the largest portfolio of prime logistics properties in the Nordics to a consortium of four Danish pension funds for €650 mln.

This was also one of the largest logistics portfolios traded so far this year in Europe.

Last week NREP closed the sale of all underlying assets in its NREP Logistics Fund and three Swedish properties from NREP’s C1 Fund.

'We are very proud of having secured such a strong exit for our investors and believe this is another validation of NREP’s ability to identify and execute long term value add strategies within focused segments,' said Rickard Dahlberg, Co-CIO and partner at NREP.

The purchaser is a vehicle backed by the Medical Doctors’ Pension Fund (Lægernes Pensionskasse) together with the Danish Pension Fund for Engineers (DIP) and the pension fund for Danish lawyers and economists (JØP). PFA Pension, the largest private pension fund in Denmark and a current investor in NREP Logistics Fund, will re-invest part of its proceeds in the new vehicle.

The competitive sales process, which was organised by CBRE, attracted attention from international bidders across the globe. Catella Sweden, Roschier, Bech Bruun, E&Y and KPMG Acor Tax advised the consortium of buyers. The new structure will be fully financed by Danske Bank.

The portfolio consists of 28 logistics properties located in key distribution hubs across Sweden, Finland and Denmark with almost 650,000 m2, of which a large part has been developed by NREP over the past six years. NREP will continue to manage the portfolio of properties.