NREP Nordic Strategies Fund I, a fund managed by NREP, has acquired a large plot of land at Enghave Brygge in the South Harbor of Copenhagen from the Swedish developer JM.
The transaction totalling € 3.08 mln (DKK 230 mln) was executed in a joint venture with NPV who NREP also works with in relation to the development of the BIG Shopping Centre in Herlev, near Copenhagen. The Enghave Brygge land plot holds 85,500 m2 of building rights of which 50,500 m2 are residential and 35,000 m2 commercial. The undeveloped area will take on a maritime identity with islands and canals.
Closing of the deal will take place in December 2015 and the area will be developed over the next five years. “The Enghave Brygge area will be one of the prime waterfront locations in Copenhagen once the entire district area has been developed. We are excited to participate in its development over the coming years and we look forward to continuing our partnership with NPV”, said Rasmus Nørgaard, CIO and partner at NREP.
The sale is part of JM’s renewed strategy of concentrating its international business on Norway and the development of operations in Finland. Following NREP’s acquisition, JM's building rights portfolio in Denmark now consists of just one property in Humlebäck with no production currently in progress.
NREP Nordic Strategies Fund I invests in retail, logistics and residential properties in the Nordic region. The fund is backed by leading Nordic and international institutional investors and has invested and committed more than €1 bln since inception in May 2014.
Source: NREP
