Nordic Real Estate Partners (NREP) has secured an exit on its NREP Retail Fund 1 by selling seven retail properties to Kungsleden Nordic Real Estate Partners (NREP) for SEK 540 mln (EUR 59 mln). In total, the NREP Retail Fund 1 has produced an IRR well above 50% for its investors.
Nordic Real Estate Partners (NREP) has secured an exit on its NREP Retail Fund 1 by selling seven retail properties to Kungsleden Nordic Real Estate Partners (NREP) for SEK 540 mln (EUR 59 mln). In total, the NREP Retail Fund 1 has produced an IRR well above 50% for its investors.
The seven properties cover a total of 48,500 m2 and are located in Stockholm, Eskilstuna, Nyköping, Katrineholm, Köping and Uddevalla. NREP bought the properties in early 2008 and has actively managed them to boost their net income. The portfolio has a total rental value of EUR 69 mln and a yield of around 8%.
'During our ownership, we have been focused on optimising and improving the city centres in close collaboration with the tenants and the local communities. We are very pleased with the outcome, as through our work we have been able to create value for both our tenants, the local communities and our investors', Tobias Alsborger of NREP said.
Tenzing and Vinge advised NREP on the sale.
