Nrep acquires €75 million residential portfolio
• The €75 million acquisition via NSF V, Nrep’s €3.65 billion value-add fund
• The portfolio comprises 115 apartments, 50 townhouses and 95 underground parking spaces
Copenhagen, 4 September 2024 – Nrep, Urban Partner’s real estate investor, has announced that its Nrep NSF V Fund has completed the acquisition of 165 homes in Ørestad, Copenhagen, from the pension company PFA for €75m (DKK 560 million).
Comprising 115 apartments, 50 townhouses and 95 underground parking spaces across 17,000 sq m, the homes are located in Ørestad Syd between Richard Mortensens Vej and Robert Jacobsens Vej. The properties are close to Amager Fælled’s nature, schools and shops while central Copenhagen is just 12 minutes away on the nearby metro.
The homes, currently for rent will become owner-occupied after the takeover in a move which capitalizes on the significant demand for home ownership in Copenhagen.
Thomas Riise-Jakobsen, Partner, Nrep, said: “We have been given another opportunity to invest in what is a core product for Nrep – high-quality, modern residential properties in Copenhagen. After a thorough process with strong advisory support, we have reached an agreement with PFA on a fair price, positioning us for a promising investment moving forward.
”The demand for owner-occupied homes in Copenhagen is clear, both from the local community and the influx of first-time buyers entering the market. Our aim is to create positive changes for people and the environment while making sound, forward-looking investments that benefit our investors. The goals are well-aligned in this acquisition.”
Peter Morgan, property manager at PFA, said: “We have owned the properties since 2018, where operating profit and property value increases have contributed to a good return for our customers. We have now been able to sell them on at a reasonable price and thus ensure an overall attractive return.”
Colliers, Kromann Reumert, JPM and Sweco advised PFA, while Accura, Emcon and PwC advised Nrep.
NSF V is the fifth and largest vintage in the NSF value-add series, raising €3.65 billion, the largest ever European value-add real estate fund. Through NSF V, NREP invests to address underserved real estate segments across the Nordics and selected Northern European markets. The focus is on residential rental properties, modern logistics facilities, care homes and offices, where the company can create value through customer-centric and decarbonizing solutions.