about us

Making real
estate better

Real estate profoundly impacts human life as 90% of our lives are spent in buildings. At the same time, real estate is at the core of some of society’s most pressing challenges like urbanisation and climate change. But real estate is often treated simply as an asset class, ignoring both the perspective of the users and society. As a result, real estate has lacked innovation for decades and urgently needs more customer thinking as well as a green transition.

See how we change real estate

Leading a change

NREP was founded on the simple idea that real estate, which we view as the world’s largest product category, is ready for a change. We work to drive this change, improving the built environment to the benefit of customers, communities, and cities.

We are committed to lead and accelerate the way towards a carbon neutral sector, pledging to decarbonise our real estate portfolio well ahead of the IPCC’s target date of net zero by 2050, and become carbon neutral already by 2028 – encompassing both operational and embodied carbon.

For years, NREP has pioneered sustainability in real estate. Before upcycling became a trend, we created the world’s first 100% recycled concrete building – and we’re currently working the world’s first large-scale real estate project to align to all of UN’s 17 Sustainable Development Goals.

We’ve also established the largest ever rooftop solar system in the Nordics, and the world’s first deep geothermal well saves 95% CO2 as it heats a large logistics facility of ours. NREP was founded in 2005.

Today, we are recognised as the leading real estate investor and innovator in the Nordics. We believe in long-term value creation, and we take a holistic approach when investing in, developing and operating our user-centric real estate solutions.


multidisciplinary specialists


real estate investments made


billion EUR in AuM


million sqm under management


real estate investments made in 2021

  • “My ambition is that we can inspire and show a different way forward. Working together with all our stakeholders, we want to create solutions that are better for this world.”

    Claus Mathisen, CEO


NREP is majority owned by senior partners and backed by Novo Holdings as the largest individual owner. Novo Holdings is 100% owned by and generates returns to the Novo Nordisk Foundation, one of the largest charitable foundations in the world. Besides its ownership in NREP, Novo also invests in NREP’s projects together with pension funds and other institutional investors.

NREP’s management team is and led by CEO Claus Mathisen. The Board of Directors is led by Chairman Mikkel Bülow-Lehnsby.

  • Leadership

    Read more about NREP’s Executive Management Team and Board of Directors

Our fundamentals

  • PURPOSE: To improve the built environment to enrich people’s lives

  • MISSION: We make real estate better. We do this by combining great ideas and solid insights with long-term capital and entrepreneurial people

  • CULTURE AND VALUES: We are a family of curious, driven people who are entrepreneurial, learning, and caring


Every year, we set 10% of our profit aside in the N-Power Fund, a program designed to support entrepreneurial charity work, often real estate related. Every NREP team member can propose charities to be supported by the N-Power Fund and when a proposal is approved the fund contributes financially and team members can take time from work to engage in the project.

Among other initiatives, the N-Power Fund is a founding partner of the Human Practice Foundation and takes an active engagement in that charity’s board and project work. Examples of other projects that have been supported by the fund include micro loans to entrepreneurs in Africa and the innovative project UN Live, taking the Sustainable Development Goals to the mainstream.

Recently, the N-Power Fund provided financing for a youth shelter for the homeless in Copenhagen, as well as support for a socio-economic business, which trains talented immigrants to become data scientists and experts in machine learning.


Like any good start-up, NREP began its journey in a basement. 17 years ago, Mikkel Bülow-Lehnsby and Rasmus Nørgaard decided to follow their entrepreneurial dream and start a business based on a simple, yet powerful, belief: That real estate was ready for a change.

The two of them were quickly joined by Rickard Dahlberg, and together they founded what was then called ‘Nordic Real Estate Partners’ to become a values-driven, purposeful investor.

Today, NREP has a large team working from eight countries, and manages millions of square meters of real estate across Finland, Denmark, Sweden, Norway and Poland – and Mikkel, Rasmus and Rickard are still very active members of the NREP family.