Nordic Real Estate Partners (NREP) has completed the first close for its latest Nordic fund which will soon start buying its first properties.
Nordic Real Estate Partners (NREP) has completed the first close for its latest Nordic fund which will soon start buying its first properties.
The Nordic Strategies Fund will focus on logistics, retail and residential assets in growing Nordic cites. It received commitments of €148 mln from Danish and Western European institutions in the initial round of capital raising. This represents 45% of the €325 mln equity target.
The fund's backers included Danish pension funds JØP (lawyers and economists), DIP (engineers), and Lægernes Pensionskasse (doctors).
Mikkel Bülow-Lehnsby, CEO and co-founder of NREP, said the fund will continue the firm's focused investment approach in the Nordics.
The Nordic Strategies Fund will target investments that enable it to deliver an internal rate of return of 18% with annual dividends of 506% on the invested capital.
NREP is owned by its partners and has offices in Copenhagen, Stockholm and Helsinki. The fund manager has raised €800 mln from leading European and US institutions for several funds that have completed more than 100 acquisitions in the Nordics with a total volume of €1.5 bn.
