Driving real change

Real estate plays a crucial role in our urban lives. Buildings are not just bricks and mortar, but where we live, work and play. It is within the walls of buildings we simply spend most of our lives. And the accelerating urbanization calls for an immense need for building and optimizing real estate to meet the future demand in cities. But more importantly, it is crucial we do it right.

Because with cities’ evolving skylines come towering problems. Already accounting for 40% of global carbon emissions, real estate is putting future generations at risk. And beyond the planetary impact, real estate is often seen as merely an asset, thus forgetting the real needs of people using the buildings and its surrounding communities.

We find these challenges are too large to ignore.

A change agent

That is why we have built Nrep, a real estate investor committed to solving real problems for lasting change. Taking on the role of a change agent, we have been investing with a conviction and in collaboration for more than a decade, ensuring capital is not only fit for profit, but fit for purpose. We exist to drive real change in real estate for people and planet, with an approach relying on three pillars:

Decarbonizing at scale to move our industry from contributing to the largest challenge of our generation, to be part of the solution. With years of experience from pioneering projects, exploring ways to eliminate CO2-emissions, we are extending our impact through commercial scale of decarbonizing solutions to accelerate change in the wider industry. Our commitment to decarbonization is urgent, long-term and for real.

Investing where it matters for all stakeholders and reimagine how real estate can solve real needs. Tailoring housing for students, families and elderly. Improving efficiency in logistics for society to function. Develop workplaces that allow businesses to thrive. Creating spaces and places where people feel at ease and included. Our investment strategy relies on tailwind, enabled by deep market insight and long term-capital.

Being local and collaborative to maximize impact. Every country, city, and community is different and thus, we operate through teams on the ground with a deep understanding of the local needs, stakeholders and context. And as a holistic field of vision is needed to capture all dimensions of urban neighborhoods, we join forces in collaborations to extend our impact whilst growing our business with mission-aligned partners.

Grounded in a solid track record of execution and trust with local communities and investors, Nrep is a team of entrepreneurial people who want to make a difference, guided by a strong set of Nordic values, centered around a caring, curious and trusting culture.


multidisciplinary specialists


billion EUR in total AuM


million sqm of real estate


countries with Nrep offices

  • “We have built a real estate investor committed to solving real problems for lasting change. Taking on the role of a change agent, we have been investing with a conviction and in collaboration for more than a decade, ensuring capital is not only fit for profit, but fit for purpose.”

    Rune Kock, CEO

Part of Urban Partners

Nrep is part Urban Partners, a platform of vision-aligned, differentiated, investment strategies shaped around urban problem solving. With €21bn under management, the platform invests in assets, companies, technologies, and solutions. Existing to power the progress of cities and citizens by investing to help solve the most pressing urban problems, Urban Partners unites insights, stakeholders and capital within the urban ecosystem, and the long-term positive impact is part of the attractive returns the platform delivers.

Urban Partners invests via a family of strategies. In addition to Nrep, the remaining three ones are:

2150 is a venture capital firm investing in the sustainable reshaping of the broad urban environment.

Velo Capital provides flexible real estate credit solutions, helping its customers focus on sustainable assets.

Luma Equity, is a private equity investor set up to back companies with solutions that can help cities drive down carbon emissions from the urban environment.

Our fundamentals

  • PURPOSE: We drive real change in real estate, for people and planet

  • MISSION: Investing to reimagine – and decarbonize – real estate.

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

Brief history

Like any good start-up, Nrep began its journey in a basement. 18 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, Poland and Germany – and is now part of the platform Urban Partners.