NREP's Nordic Strategies Fund I (NSF 1) is selling three residential letting properties to Swedish property company Heimstaden.
The transaction price has not been disclosed.
The three properties are located in the Copenhagen neighbourhood of Frederiksberg and comprise a total of 105 apartments, covering approximately 9,500 m2. NSF I acquired the properties over two separate transactions in June 2014 and May 2015.
'Since acquisition, we have successfully executed our strategy of optimizing property operations and divesting individual apartments to private buyers. As apartment prices have increased in Frederiksberg, we now start to see less churn in the tenant base which makes this a very attractive and stable cash flow generating product perfectly suited for a core investor,' commented NREP investment manager Jakob Flymer.
The properties have, until now, been owned in a joint venture with North Property Asset Management.
NREP Nordic Strategies Fund I invests mainly in retail, logistics and residential properties and spent €1 bn in the Nordic market between Q4 2014 and Q1 2016.
