Nrep enters Swedish office market with two Stockholm acquisitions

July 20, 2023

• Nrep is strengthening its office portfolio in the Nordics, focusing on sustainability, flexibility and quality offices

Nrep, the ESG-focused real estate investor with €19 billion of assets under management, has announced that it has acquired two modern office properties in Stockholm for ∼€290m (SEK3,4bn) from city district real estate specialist Fabege. With a total leasable area of approximately 50,000 sq m, the properties Orgeln 7 in Sundbyberg and Glädjen 12 in Stadshagen are centrally located.

The acquisition represents a major milestone for Nrep as it marks the first step in the company’s expansion plans into the Swedish office market. The acquired offices are fully refurbished to a high standard, with a top-level sustainability rating of BREEAM-SE Excellent. Flexibility is a core design principle, with each building having the ability to be reconfigured according to changes in tenants’ needs.

As a leading ESG-focused investor, the acquisition forms part of Nrep’s strategy to grow its offices portfolio across the Nordics and Germany, focusing on agile and dynamic workspace offices which can be adapted, if necessary, in a way that causes minimal impact on the environment.

The Nrep office portfolio is comprised of both standing assets and new developments, with a clear focus on sustainable design. Nrep currently manages more than 800,000 sq m offices across the Nordic region, which benefit from the company’s expertise in improving environmental aspects, including increasing energy efficiency.

Rune Kock, CEO and Partner, Nrep, said: “These new acquisitions are both notable buildings that align perfectly with our strategy which is to offer high quality offices in strong central locations, and where we can provide today’s modern tenants with much needed flexible and qualitative workspaces.”

“Our ambition for our office portfolio is to lower the CO2-emissions by, for example, improving energy efficiency and reusing materials, and keep focusing on indoor climate and health aspects, such as natural daylight and air quality, in order to provide high-quality workplaces and futureproof our investments.”

The acquisition is made via Nrep’s latest and largest vintage in the NSF value-add series, NSF V, to which the vast majority of the commitments to the fund came from existing investors. The fund was significantly oversubscribed and closed at €3,65bn, making it the largest European real estate value-add fund to date.

Published: July, 20 2023