ESG-focused real estate investor Nrep has acquired a majority stake (51%) in Klövern, a Swedish residential developer owned by Corem Property Group, ALM Equity and Broskeppet Bostad. For Nrep, the deal represents an opportunity to invest in a successful residential player with over 20,000 building rights in prime locations, primarily in the urbanised areas of Stockholm and the Mälardalen region. Around 90% of homes will be located less than 30 minutes from the central business district of each city by public transport. Nrep has allocated approximately €500 mln for the deal, of which approximately €250 – 340 mln will be raised through new share issues.
The investment will enable Klövern to reinforce the company’s position as a leading player in Sweden’s housing market. Nrep's aim is to capitalise the development of the company's building rights through new share issues, thereby increasing the pace of construction to reach approximately 2,000 – 3,000 homes per year.
Source: https://propertyeu.info/Nieuws/Nrep-acquires-majority-stake-in-Swedish-residential-developer/1fc7058b-f162-4fab-8a6b-65085ff131f0, on 06.07.2023