Nordic Real Estate Partners (NREP) has held the final closing of its Nordic Strategies Fund at a hard cap of €400 mln, versus an initial target of €325 mln.
Nordic Real Estate Partners (NREP) has held the final closing of its Nordic Strategies Fund at a hard cap of €400 mln, versus an initial target of €325 mln.
The the investor base is composed of a diverse group of 18 institutional investors from the US and Europe, including several prominent financial institutions, endowments, public pension plans and family offices, together with the NREP Partners and employees.
The fund invests predominantly in modern logistics, necessity-anchored retail and residential assets in large, established, growing Nordic cities, replicating the strategies of prior NREP funds.
'We are grateful for the strong investor support we have seen and remain confident that, with our focused value add investment approach, we will continue to be able to deliver strong risk adjusted returns to our investors throughout the cycle,' said Mikkel Bülow-Lehnsby, CEO and co-founder of NREP.
The fund’s targets an internal rate of return of 18% with annual dividends of 5-6% on the invested capital.
'We remain extremely positive about the market opportunity across our three main strategies in the Nordic region, as demonstrated by the fund's initial transactions and our strong investment pipeline,' added Rasmus Nørgaard, CIO and co-founder of NREP.
Lazard’s Private Fund Advisory Group represented NREP.