NREP Secures the Exit of the Largest Nordic Prime Logistics Portfolio to Date

Nordic Real Estate Partners (NREP), the pan-Nordic real estate investment manager, has sold the largest portfolio of modern prime logistics properties in the Nordics to a consortium of four Danish pension funds.

Last week NREP closed the sale of all underlying assets in its NREP Logistics Fund and three Swedish properties from NREP’s C1 Fund, thereby delivering very strong risk adjusted returns to their investors in these two underlying funds.

The successful and highly competitive process, which was organised by CBRE, attracted international attention with bidders from across the globe, highlighting the strong quality of the portfolio. The combined transaction value amounts to approx. EUR 650 million and is not only the largest prime logistics transaction in the Nordics, but also one of the largest portfolios traded in Europe.
The portfolio consists of 28 modern efficient logistics properties located in key distribution hubs across Sweden, Finland and Denmark with almost 650,000 sqm, of which a large part has been developed by NREP over the past six years. NREP will continue to manage the portfolio of properties.

“We are very proud of having secured such a strong exit for our investors and believe, this is another validation of NREP’s ability to identify and execute long term value add strategies within focused segments” says Rickard S. Dahlberg, Co-CIO and Partner at NREP.

The purchaser is a vehicle capitalised by the Medical Doctors’ Pension Fund (Lægernes Pensionskasse) together with the Danish Pension Fund for Engineers (DIP) and the pension fund for Danish lawyers and economists (JØP). PFA Pension, the largest private pension fund in Denmark and a current investor in NREP Logistics Fund, will re-invest part of its proceeds in the new vehicle.

“We are honored that the new consortium has asked us to continue to manage the portfolio and confident that we will be able to keep on generating strong risk adjusted returns, on the basis of our strong market position and experience in the sector combined with the attractive sector outlook" says Mikkel Bülow-Lehnsby, CEO and Partner at NREP.

Published on: 26 05 2015