NREP enters a joint venture regarding an urban development project in Gothenburg
NREP Nordic Strategies Fund II, a fund managed by NREP, has acquired 50% of the development project Karlastaden from the Swedish construction company Serneke. The purchase price is based on a building right value of SEK 1.5 billion when the new zoning plan is approved.
Karlastaden will be a new neighbourhood on Lindholmen in central Gothenburg. The area will include 10 blocks with approx. 2,000 apartments and 70,000 sqm commercial areas. The residential tower, Karlatornet, will define the neighbourhood and add to its attractiveness. NREP enters the project as a strategic partner to Serneke, who has until now been running the project alone.
“We are really pleased to announce the new constellation with NREP regarding this unique and attractive urban development project. To have an active and driven partner with expertise in project development, financing and transactions is essential for the execution of this project”, says Ola Serneke, CEO at Serneke.
“We look forward to continuing our partnership with Serneke, a very strong developer in Western Sweden. Our organisations complement each other well and together we will make Karlastaden an attractive and vibrant addition to the city of Gothenburg”, says Rickard Svensson Dahlberg, CIO and Partner at NREP.
For additional information please contact:
Rickard Svensson Dahlberg, Partner and CIO, NREP, +46 709520203