LEADERSHIP

Executive Management Team

CLAUS MATHISEN, CEO

Claus Mathisen is CEO and Partner at NREP. He joined NREP in 2008 and has been CEO since 2018. Before this, Claus was chief executive in one of NREP’s platform innovations, Pelican Self Storage. Prior to NREP, Claus was with Boston Consulting Group where he advised on multiple private equity transactions in the Nordic region, with a focus on the retail, business services and industrial sectors. He also worked on growth strategy and operational excellence for large infrastructure clients in airport, energy, telecoms and postal service sectors. Earlier, Claus was part of JP Morgan’s M&A department in London, where he focused on transactions in the retail, pharmaceutical and oil and gas sectors involving private equity and corporate clients. Claus holds an M.Sc. in Economics from the Copenhagen Business School.

claus.mathisen@nrep.com

STEFAN WALLANDER, CBO

Stefan Wallander is Chief Business Officer and Partner at NREP. Stefan is also a member of the Investment Committee, head of the Swedish office as well as Partner lead of NREP’s Care home business. Prior to joining NREP, he spent four years with Modern Times Group, the Scandinavian broadcasting and entertainment group, as Senior VP, Head of M&A and Business Development, and led an M&A driven transformation from traditional media to digital entertainment and premium content. Before MTG, Stefan spent twelve years in international investment banking, eight of which in London, working for Credit Suisse, ABN AMRO and RBS gaining a wide experience in products such as M&A, Loan Syndications, DCM and ECM covering the Telecom, Media, Tech, Energy & Resources, Real Estate and General Industrials sectors. Stefan holds a M.Sc. in Finance from Stockholm School of Economics and Ross School of Business, Michigan.

stefan.wallander@nrep.com

HENRIK SKAK BENDER, COO

Henrik Skak Bender is COO and Partner at NREP. Prior to joining NREP, Henrik served as Group CFO at WS Audiology, one of the World’s three major hearing aid companies. Henrik held the position as Group CFO and Head of Integration since the merger in March 2019, when WS Audiology was created in a merger between Sivantos (Germany) and Widex (Denmark). Before joining Widex in 2013 as Group CFO, Henrik worked almost four years at McKinsey & Co where he was a leader in the company’s Global Recovery and Transformation Services and focused on supporting companies in turnaround situations. Henrik started his career with seven years in A.P. Moller – Maersk with his last position as General Manager at the Group Strategy office responsible for Capital Allocation, Strategic Planning and organizational projects across the A.P. Moller – Maersk Group. Henrik holds an M.Sc. in Applied Economics and Finance from Copenhagen Business School and bachelor degree in Mathematics from Copenhagen University.

henrik.bender@nrep.com

JANI NOKKANEN, CIO

Jani Nokkanen is CIO and Partner at NREP. He is also the Chairman of the Investment Committee and serves as fund manager of NREP Nordic Strategies Funds I, II and III. In addition, he is actively involved with Finnish investments. Prior to joining NREP, Jani spent five years as a Consultant and Project Leader at the Boston Consulting Group, where he gained experience in strategy, corporate finance, and operations, and worked in both their Helsinki and New York offices. He was previously also involved in various M&A activities whilst at JP Capital, Nordic Advisor Group and Morgan Stanley. Jani holds a M.Sc. in Economics (Finance) from the Helsinki School of Economics, Finland.

jani.nokkanen@nrep.com

Jens Stender

Jens Stender, Head of Global Markets

Dr. Jens Stender is Head of Global Markets and Partner at NREP. He is leading NREP’s ambitions to further expand to new markets and new product lines. Previously, Jens was a partner for 14 years at Egon Zehnder and served as Global Co-Head of their Technology and Communications Practice. Drawing on many years of experience, he was a trusted advisor to leading technology and digital companies, as well as to global private equity and infrastructure funds in their most crucial leadership decisions. He mainly focused on CEO appointments, C-level leadership successions and teams, and organizational development. Before that, Jens was CEO and Founder of MFD Mobiles Fernsehen Deutschland GmbH in Germany and held positions as Head of M&A with debitel AG and as an M&A lawyer with Linklaters in the UK and Germany. Jens holds a Ph.D. in Law and an MBA from London Business School.

jens.stender@nrep.com

Board of Directors

MIKKEL BÜLOW-LEHNSBY

CHAIRMAN OF THE BOARD

Mikkel Bülow-Lehnsby is Chairman of the Board of Directors, Partner and co-founder of NREP. Mikkel served as NREP’s CEO for its initial 13 years, and he has played an important part in developing NREP’s investment strategy and company culture, anchored in a strong belief that solving problems and nudging the world in a better direction is a superior long-term business model. Mikkel currently focuses on NREP’s board, while also being the Chairman of the Investment Committee of ‘2150’, NREP’s new tech sustainability fund, aiming to make real estate better by investing in technologies that can make cities resilient and sustainable. Prior to co-founding NREP, Mikkel worked with M&A, business development, corporate strategy and entrepreneurship within the Egmont Group, Goldman Sachs and in various start-ups in London, Copenhagen, Chile and Boston. Mikkel holds a valedictorian B.Sc. in International Business from the Copenhagen Business School, Denmark and an MBA from the Harvard Business School, USA.

Mikkel also serves as Chairman of the board of Green Building Council Denmark and ‘UN Live’ and as a passionate investor and supporter of numerous start-ups aligned with his vision of solving problems to nudge the world in a better direction.

mikkel.lehnsby@nrep.com

RASMUS NØRGAARD

MEMBER OF THE BOARD

Rasmus Nørgaard is member of the Board of Directors, Partner and co-founder of NREP. Rasmus has served as NREP’s CIO together with Rickard S. Dahlberg for more than a decade, and he has extensive experience in all aspects of real estate investing, having managed the sourcing, financing, underwriting, due diligence and execution processes. He has also been actively involved in the asset management of portfolio properties. Currently, Rasmus focuses on his board work in NREP, while also exploring new ways for private capital to address the growing urban challenge of affordability. Prior to founding NREP, Rasmus was Head of International Real Estate at Nordea Asset Management & Life, where he was responsible for the sourcing, evaluation and underwriting of real estate fund managers and oversaw €300 million of fund commitments. Prior to Nordea, Rasmus worked as a consultant at McKinsey & Co., where he was involved in several strategy, business development and M&A processes, predominantly working with large multinational clients based in Denmark. Rasmus began his career at Unibank Markets advising clients on interest rate hedging strategies. He holds a M.Sc. in Economics & Finance from the University of Copenhagen, Denmark and the University of Washington, USA.

rasmus.norgaard@nrep.com

RICKARD S. DAHLBERG

MEMBER OF THE BOARD

Rickard S. Dahlberg is member of the Board of Directors, Partner and co-founder of NREP. He is also lead Partner for NREP’s logistics business Logicenters and has been an important part of developing the logistics strategy from the start 2005. For more than a decade, Rickard led NREP in Sweden, while also being a member of the company’s Investment Committee and serving as CIO together with Rasmus Nørgaard. He has managed the sourcing, financing, underwriting, due diligence, execution and exit processes for many of NREP’s transactions. In addition, he has also been actively involved in structuring debt financing and the asset management of acquired properties. Prior to founding NREP, Rickard was Transactions Manager at GE Capital Real Estate in Sweden, where he was responsible for the completion of new investments in the Nordics, management of the JV and loan portfolio, as well as having overall responsibility for exit strategies and execution of assets sales. Prior to this, he worked as a Projects Manager in the DTZ Capital Markets team in Sweden. Rickard holds a B.Sc. in Construction Engineering from the Royal Institute of Technology, Stockholm, Sweden and an M.Sc. in Property Investment & Finance from the Cass Business School, London, UK.

rickard.dahlberg@nrep.com

CELIA FRANCIS

MEMBER OF THE BOARD

Celia Francis is an experienced, purpose-driven tech CEO. Most recently, Celia was CEO of Rated People, an innovative online marketplace connecting millions of homeowners with 50,000 skilled local tradespeople across the United Kingdom to complete £3 billion of work every year. Before Rated People, Celia served as CEO of social games and networking company, WeeWorld, which entertained over 70 million users. Previous to that she grew T-Mobile’s €2 billion business focused P&L across Europe. She also enjoyed a tenure at IDEO, the world’s leading innovation consulting firm, working with a variety of top consumer products and services companies.

Celia co-chairs the senior digital leadership group, H2, in London. She co-founded the female tech and media leadership group, WITSend and the global afforestation projects leaders group, The Art of Forests. Celia advises a variety of companies focused on sustainable homes and natural solutions for carbon drawdown.

MORTEN BECK JØRGENSEN

MEMBER OF THE BOARD

Morten joined Novo Holdings in March 2005 as an Investment Director within Novo Capital Investors. He has served as Managing Partner of the team since 2016. During Morten’s leadership the assets under management have grown from DKK 30bn to DKK 75bn, while the team has increased from three to eight investment professionals. Investment focus areas have expanded from covering mostly public assets to also include private equity and real assets. Morten holds a MSc in Finance and Accounting from the Aarhus School of Business, Denmark and an EMBA from IMD, Switzerland. Prior to joining Novo Holdings, Morten was employed at Novo Nordisk and Nordea Markets.

Partners

ALFRED EKLÖF

In NREP since 2014
Alfred Eklöf is a Partner and the Fund Manager of NREP Income+ Fund. Since joining NREP in 2014, Alfred has led the Logicenters’ Nordic Strategy & Transactions team and executed numerous real estate transactions in Sweden across several of NREP’s core segments, including logistics and residential. Alfred has played an instrumental role in establishing the Logicenters business line, shaping NREP’s investment strategies in logistics and significantly strengthening the firm’s position as a leading logistics developer and investment manager in the Nordics. Furthermore, he has had a leading role in establishing and managing NREP’s core/core+ investment mandates since 2015 and is currently the Fund Manager of the NREP Income+ Fund.

Prior to joining NREP, Alfred was an Engagement Manager at McKinsey & Company in Stockholm serving clients across Europe on a broad range of strategic topics in sectors such as private equity, automotive and technology. He holds a M.Sc. in Industrial Engineering & Management from Chalmers University of Technology and dual M.Sc. degrees (60 credits) in Business Administration and Economics from the University of Gothenburg.

alfred.eklof@nrep.com

CLAUS MATHISEN

In NREP since 2008
Claus Mathisen is CEO and Partner at NREP. He joined NREP in 2008 and has been CEO since 2018. Before this, Claus was chief executive in one of NREP’s platform innovations, Pelican Self Storage. Prior to NREP, Claus was with Boston Consulting Group where he advised on multiple private equity transactions in the Nordic region, with a focus on the retail, business services and industrial sectors. He also worked on growth strategy and operational excellence for large infrastructure clients in airport, energy, telecoms and postal service sectors. Earlier, Claus was part of JP Morgan’s M&A department in London, where he focused on transactions in the retail, pharmaceutical and oil and gas sectors involving private equity and corporate clients. Claus holds an M.Sc. in Economics from the Copenhagen Business School.

claus.mathisen@nrep.com

Didde Maria Trachsel Kristensen

In NREP since 2015
Didde Maria Trachsel Kristensen is a Partner and heads the Investor Relations team at NREP. Since joining, Didde focuses on the development of new business areas, fundraising and investor relations. Prior to joining NREP, Didde spent 5 years as M&A Transaction Manager at DONG Energy (a Danish utility) working mainly with divestments and establishment of long term partnerships with international financial and institutional investors for the construction and operation of offshore wind farms. She has also previously worked with mortgage financing in Nykredit. Didde holds a M.Sc. in Economics and Business Management from Aarhus University, Denmark.

didde.kristensen@nrep.com

Emanuele Bena

In NREP since 2020
Emanuele Bena is a Partner and Head of Capital Markets, based in the London office. Prior to joining NREP, Emanuele was an Executive Director within EMEA Real Estate Investment Banking at J.P. Morgan. Whilst at J.P. Morgan, he was responsible for client coverage of REITs, corporates, institutional investors and private equity companies specialised in commercial and residential real estate, homebuilding and hospitality. Over his coverage career, Emanuele has advised on and executed transactions with an aggregate value of over €65 billion across all property market segments and geographies. He is an International Finance graduate from Bocconi University in Milan.

emanuele.bena@nrep.com

Gustaf Lilliehöök

In NREP since 2012
Gustaf Lilliehöök is primarily focused on supporting NREP’s ESG agenda and expanding NREP’s strategic partnerships. Prior to joining NREP, he spent seven years at the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, most recently as the leader of IFC’s investment activities in the mining sector in Eastern Europe, Central Asia, Middle East and North Africa. Prior to IFC, he worked as a consultant for Oliver Wyman in Singapore where he executed business strategy and risk management consulting projects for financial services institutions in the East Asia region. Gustaf also has previous experience from management consulting in Russia and investment banking in China. He holds a B.Sc. in Economics from the Wharton School (USA), a B.A. in Mandarin and International Studies from the University of Pennsylvania (USA) and an M.A. in Development Studies from the University of Uppsala, Sweden.

gustaf.lilliehook@nrep.com

Heather Mulahsani

Heather Mulahasani

In NREP since 2022
As Partner Heather explores adjacent infrastructure investment opportunities in the urban ecosystem. Heather has vast expertise across real estate and infrastructure investing and before joining NREP she has held various senior roles at Goldman Sachs over a twenty-year period, most recently as one of two Partners leading its European Infrastructure team responsible for investing a $2.5bn infrastructure equity fund. Prior to this, Heather acted as Managing Director and then Partner within Goldman Sachs’ real estate team, driving its growth into evolving geographies including the Nordics, Germany, UK, France, Spain. Heather holds a BA/MA in Literae Humaniores from University of Oxford.

heather.mulahasani@nrep.com

HENRIK SKAK BENDER

In NREP since 2020
Henrik Skak Bender is COO and Partner at NREP. Prior to joining NREP, Henrik served as Group CFO at WS Audiology, one of the World’s three major hearing aid companies. Henrik held the position as Group CFO and Head of Integration since the merger in March 2019, when WS Audiology was created in a merger between Sivantos (Germany) and Widex (Denmark). Before joining Widex in 2013 as Group CFO, Henrik worked almost four years at McKinsey & Co where he was a leader in the company’s Global Recovery and Transformation Services and focused on supporting companies in turnaround situations. Henrik started his career with seven years in A.P. Moller – Maersk with his last position as General Manager at the Group Strategy office responsible for Capital Allocation, Strategic Planning and organizational projects across the A.P. Moller – Maersk Group. Henrik holds an M.Sc. in Applied Economics and Finance from Copenhagen Business School and bachelor degree in Mathematics from Copenhagen University.

henrik.bender@nrep.com

JANI NOKKANEN

In NREP since 2008
Jani Nokkanen is CIO and Partner at NREP. He is also the Chairman of the Investment Committee and serves as fund manager of NREP Nordic Strategies Funds I, II and III. In addition, he is actively involved with Finnish investments. Prior to joining NREP, Jani spent five years as a Consultant and Project Leader at the Boston Consulting Group, where he gained experience in strategy, corporate finance, and operations, and worked in both their Helsinki and New York offices. He was previously also involved in various M&A activities whilst at JP Capital, Nordic Advisor Group and Morgan Stanley. Jani holds a M.Sc. in Economics (Finance) from the Helsinki School of Economics, Finland.

jani.nokkanen@nrep.com

Jens Petter Hagen

In NREP since 2015
Jens Petter Hagen heads NREP’s Oslo office. He is a member of the Investment Committee and the Fund Manager for NSF IV and NSF V. In addition he leads the Deals & Incubation business line which focuses on incubating new investment strategies and making opportunistic investments.  Prior to joining NREP, Jens Petter spent almost nine years at the global private equity firm Advent International in London, where in the last five years he coordinated Advent’s activities in the Nordic region. In addition, he brings experience from investment banking in New York and London. He holds a Bachelor of Commerce from the McIntire School of Commerce at The University of Virginia and has in addition two years of Law studies from University of Oslo.

jens.petter.hagen@nrep.com

Jens Stender

Jens Stender

In NREP since 2022
Dr. Jens Stender is Head of Global Markets and Partner at NREP. He is leading NREP’s ambitions to further expand to new markets and new product lines. Previously, Jens was a partner for 14 years at Egon Zehnder and served as Global Co-Head of their Technology and Communications Practice. Drawing on many years of experience, he was a trusted advisor to leading technology and digital companies, as well as to global private equity and infrastructure funds in their most crucial leadership decisions. He mainly focused on CEO appointments, C-level leadership successions and teams, and organizational development. Before that, Jens was CEO and Founder of MFD Mobiles Fernsehen Deutschland GmbH in Germany and held positions as Head of M&A with debitel AG and as an M&A lawyer with Linklaters in the UK and Germany. Jens holds a Ph.D. in Law and an MBA from London Business School.

jens.stender@nrep.com

MIKKEL BÜLOW-LEHNSBY

In NREP since 2005
Mikkel Bülow-Lehnsby is Chairman of the Board of Directors, Partner and co-founder of NREP. Mikkel served as NREP’s CEO for its initial 13 years, and he has played an important part in developing NREP’s investment strategy and company culture, anchored in a strong belief that solving problems and nudging the world in a better direction is a superior long-term business model. Mikkel currently focuses on NREP’s board, while also being the Chairman of the Investment Committee of ‘2150’, NREP’s new tech sustainability fund, aiming to make real estate better by investing in technologies that can make cities resilient and sustainable. Prior to co-founding NREP, Mikkel worked with M&A, business development, corporate strategy and entrepreneurship within the Egmont Group, Goldman Sachs and in various start-ups in London, Copenhagen, Chile and Boston. Mikkel holds a valedictorian B.Sc. in International Business from the Copenhagen Business School, Denmark and an MBA from the Harvard Business School, USA.

Mikkel also serves as a board member of Green Building Council, Denmark and ‘UN Live’ and as a passionate investor and supporter of numerous start-ups aligned with his vision of solving problems to nudge the world in a better direction.

mikkel.lehnsby@nrep.com

Mikko Räsänen

In NREP since 2006
Mikko Räsänen has been responsible for building NREP’s Finnish operations, including building the team and designing and executing local investment and asset management strategy. Whilst at NREP, he has led or co-lead individual property and portfolio transactions in Finland across a range of real estate segments. Currently, Mikko focuses on piloting wooden modular construction at NREP and exploring a new affordable & sustainable housing investment strategy. Prior to joining NREP, he was a management consultant at the Boston Consulting Group in Helsinki, where he was involved in several acquisition processes and portfolio company development projects for Nordic private equity funds. He also gained experience in strategy, operational and business development activities working for several large Finnish-based multinational clients across multiple sectors. He holds an MSc. in Economics from the Helsinki School of Economics, Finland.

mikko.rasanen@nrep.com

Petri Valkama

In NREP since 2014
Petri Valkama is head of the NREP’s investments in the Living segment. Since joining NREP, Petri has been evaluating and responsible for investments within logistics, residential and developments and most recently been responsible in designing and developing NREP’s Serviced Living strategy Noli Studios from initial idea to execution of the first transactions. Prior to joining NREP, he spent five years with McKinsey & Company where he was a core member of the local leadership team and led large transformation projects for multinational Nordic companies. He holds a M.Sc in Business Strategy and Applied Mathematics from the Aalto University, School of Science.

petri.valkama@nrep.com

RASMUS NØRGAARD

In NREP since 2005
Rasmus Nørgaard is member of the Board of Directors, Partner and co-founder of NREP. Rasmus has served as NREP’s CIO together with Rickard S. Dahlberg for more than a decade, and he has extensive experience in all aspects of real estate investing, having managed the sourcing, financing, underwriting, due diligence and execution processes. He has also been actively involved in the asset management of portfolio properties. Currently, Rasmus focuses on his board work in NREP, while also exploring new ways for private capital to address the growing urban challenge of affordability. Prior to founding NREP, Rasmus was Head of International Real Estate at Nordea Asset Management & Life, where he was responsible for the sourcing, evaluation and underwriting of real estate fund managers and oversaw €300 million of fund commitments. Prior to Nordea, Rasmus worked as a consultant at McKinsey & Co., where he was involved in several strategy, business development and M&A processes, predominantly working with large multinational clients based in Denmark. Rasmus began his career at Unibank Markets advising clients on interest rate hedging strategies. He holds a M.Sc. in Economics & Finance from the University of Copenhagen, Denmark and the University of Washington, USA.

rasmus.norgaard@nrep.com

RICKARD S. DAHLBERG

In NREP since 2005
Rickard S. Dahlberg is member of the Board of Directors, Partner and co-founder of NREP. He is also lead Partner for NREP’s logistics business Logicenters and has been an important part of developing the logistics strategy from the start 2005. For more than a decade, Rickard led NREP in Sweden, while also being a member of the company’s Investment Committee and serving as CIO together with Rasmus Nørgaard. He has managed the sourcing, financing, underwriting, due diligence, execution and exit processes for many of NREP’s transactions. In addition, he has also been actively involved in structuring debt financing and the asset management of acquired properties. Prior to founding NREP, Rickard was Transactions Manager at GE Capital Real Estate in Sweden, where he was responsible for the completion of new investments in the Nordics, management of the JV and loan portfolio, as well as having overall responsibility for exit strategies and execution of assets sales. Prior to this, he worked as a Projects Manager in the DTZ Capital Markets team in Sweden. Rickard holds a B.Sc. in Construction Engineering from the Royal Institute of Technology, Stockholm, Sweden and an M.Sc. in Property Investment & Finance from the Cass Business School, London, UK.

rickard.dahlberg@nrep.com

Rune Kock

In NREP since 2012
Rune Kock is deputy CIO and head of NREP’s Living segment. He is a permanent member of the Investment Committee. Since joining NREP in 2012, Rune has been focusing on the sourcing and execution of real estate transactions and asset management across each of NREP’s investment strategies in the Nordics. Additionally, he has the overall responsibility as Fund Manager for NREP’s two residential focused funds, NREP Development Fund 1 and NREP Copenhagen Residential Fund. Prior to joining NREP, Rune was Head of Investments at ATP Real Estate, the property investment division of ATP, the largest pension scheme in Denmark and one of the largest in Europe. Prior to this, he spent nine years with Catella Corporate Finance, most recently as a Director with responsibility for transactions within the Danish real estate market. Whilst at Catella, he executed transactions with an aggregate value of over €1.8 billion across all property market segments. He holds an M.Sc. in Economics from the Copenhagen Business School, Denmark and the MRICS certification from the Royal Institution of Chartered Surveyors.

rune.kock@nrep.com

STEFAN WALLANDER

In NREP since 2016
Stefan Wallander is Chief Business Officer and Partner at NREP. Stefan is also a member of the Investment Committee, head of the Swedish office as well as Partner lead of NREP’s Care home business. Prior to joining NREP, he spent four years with Modern Times Group, the Scandinavian broadcasting and entertainment group, as Senior VP, Head of M&A and Business Development, and led an M&A driven transformation from traditional media to digital entertainment and premium content. Before MTG, Stefan spent twelve years in international investment banking, eight of which in London, working for Credit Suisse, ABN AMRO and RBS gaining a wide experience in products such as M&A, Loan Syndications, DCM and ECM covering the Telecom, Media, Tech, Energy & Resources, Real Estate and General Industrials sectors. Stefan holds a M.Sc. in Finance from Stockholm School of Economics and Ross School of Business, Michigan.

stefan.wallander@nrep.com

Thomas Riise-Jakobsen

In NREP since 2011
Thomas Riise-Jakobsen is a non-permanent member of the Investment Committee. He works within the Danish transactions team where he leads investments within the Other Segments team. Thomas focuses on transactions and large-scale developments. Prior to joining NREP, Thomas worked as an Investment Manager at Cushman Wakefield (RED Property Advisors), where he focused on real estate transactions in the retail space in Denmark. He also gained experience as a Project Manager at TK Development in Copenhagen. He holds a M.Sc. in Economics from Aarhus Business School, Denmark. He also qualified as a Chartered Real Estate Agent with a Bachelor in Commercial Property Valuation from Copenhagen Business School, Denmark.

thomas.riise-jakobsen@nrep.com