Nordic Real Estate Partners (NREP) announced the First Closing of their Nordic Strategies Fund, with capital from among others a number of leading Danish institutions. The Fund will continue the firms focused strategy driven investment approach in the Nordics. The First Closing represents a significant milestone in reaching the €325 mln target.
“We are grateful that our investors have chosen to commit to our new Fund and are excited about the market opportunity that we currently see in the Nordics within our chosen target segments” says Mikkel Bülow-Lehnsby, CEO and co-founder of NREP.
The Nordic Strategies Fund will invest predominantly in modern logistics, necessity anchored retail and residential in large, established, growing Nordic cities, replicating the strategies of prior NREP funds. It is intended that the Fund will target investments that enable the Fund to deliver an internal rate of return of 18 percent with annual dividends of five to six percent on the invested capital.
The first closing was held to provide capital for the Fund’s first investments, of which one will be completed imminently. Investors in the First Closing consisted mainly of institutional investors from the Nordics and Western Europe, including among others JØP (The Pension Fund for Danish Lawyers and Economists), DIP (The Danish Pension Fund for Engineers), and Lægernes Pensionskasse (The Danish Medical Doctor’s Pension Fund).