NREP’s successful Nordic Strategies Fund I enters an agreement with a Swedish property company to sell Copenhagen residential properties.
NREP Nordic Strategies Fund I, a real estate fund advised by NREP, has entered an agreement with the Swedish property company Heimstaden to sell three residential letting properties. The properties have, until now, been owned in a joint venture with North Property Asset Management.
The three properties are located in the Copenhagen neighbourhood of Frederiksberg, which is considered one of the most attractive residential areas in the city. The properties comprise a total of 105 apartments, covering approximately 9,500m². NSF I had been acquiring the properties over two separate transactions in June 2014 and May 2015.
”Since acquisition, we have successfully executed our strategy of optimizing property operations and divesting individual apartments to private buyers. As apartment prices have increased in Frederiksberg, we now start to see less churn in the tenant base which makes this a very attractive and stable cash flow generating product perfectly suited for a core investor”, says investment manager Jakob Flymer.
NREP Nordic Strategies Fund I invests mainly in retail, logistics and residential properties in the Nordic region and is backed by a number of blue chip international institutional investors. The fund has been investing €1bn in the Nordic market between Q4 2014 and Q1 2016.
