18 April 2017
Reporter: Theo Andrew

NREP forms €1.1 billion Nordic logistics fund

Nordic Real Estate Partners (NREP) and a group of international investors have formed a €1.1 billion Nordic logistics real estate fund.

The NREP Logistics Property Fund will be seeded by the largest logistic portfolio in the Nordic region, comprising of 49 modern logistics properties totalling more than one million-square feet.

The portfolio has a weighted average lease exceeding eight years and will be managed by Logicentres, NREP’s logistics operating platform.

Located across prime nordic logistics hubs, the fund will take a long-term approach to the Nordic logistics market, growing the portfolio over time, according to NREP.

According to Jack Cox, head of logistics and industrial EMEA at CBRE, the region offers one of the most stable macro environments in Europe today, representing what is probably the most homogenous prime logistics portfolio at this scale.

Investors include local pension funds such as AP1 and PFA Pension, and international investors such as Allianz and Helga Invest.

Johan Temse, investment manager at AP1, said: ”We view real estate investment in the logistics market as an interesting way to capitalise on future global trade, consumption, ecommerce and supply chain reconfiguration.”

He added: “We are very pleased to do this partnership with an experienced and competent manager as NREP. We look forward to jointly develop this platform going forward to be the largest and best in class Logistics platform in the Nordics.”

Rickard Dahlberg, founding partner and CIO at NREP, said: ”NREP is grateful to have found a group of very knowledgeable investors that share our strategic approach and vision of how to create stable long term value in the Nordic logistics segment.”

Matthias Kettelhoit, commercial head at Logicenters, said: “Additional support from long-term capital will strengthen Logicenters’s position as a long-term developer and provider of modern logistics in the Nordic region.”

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