Nordic real estate investor NREP said on Wednesday that it has raised EUR608 million in additional funding for NREP Income+ (NIP), its open-ended fund aimed at long-term investments into modern logistics facilities, middle-income residential, offices and care homes.
The second closing has grown the fund by 50%, taking the total funds raised to EUR1.6 billion, with two thirds of commitments comprising top-ups from existing investors, with the remainder from new institutions.
As the largest ever core-plus Nordic fund, NIP provides the global institutional investor community with access to a high quality and diversified portfolio delivering a robust income profile. To date, the fund has committed almost €1 bn to 20 deals.
Most recently, NREP purchased the architecturally and culturally significant building ‘Leipätehdas’ in Helsinki. With 13,500 m2 of leasable area, the classic red-brick property which dates back to 1923 has undergone a modern upgrade and now serves as a flexible office space, accommodating companies in the field of technology and culture. Tenants include Red Bull, Helsinki Dance Institute and Cultural Centre Caisa.
In Odense, Denmark, NREP has acquired a 46,000 m2 residential portfolio of 567 under-managed homes, distributed across 23 properties. The portfolio will undergo a programme of improvements including energy retrofits, kitchen upgrades, improved landscaping and biodiversity and a tasteful re-design of shared atrium areas.
Claus Mathisen, CEO of NREP, said: ‘Supported by enduring consumer trends and demographic developments, NIP allows us to extend our long-term approach even further to generate more income-orientated value.’
Source: propertyeu.info on the 12th of January
(https://propertyeu.info/Nieuws/NREP-raises-1-6b-for-largest-ever-core-plus-Nordic-fund/5acdb698-1502-4d00-8c49-1333b974a58c)