NREP ACQUIRES MAJORITY STAKE IN SWEDISH RESIDENTIAL DEVELOPER KLӦVERN

30 June 2023 - Nrep, the ESG-focused real estate investor with €19 billion of assets under management, has announced that it has acquired a majority stake (51%) in Klӧvern, a leading Swedish residential developer owned by Corem Property Group, ALM Equity and Broskeppet Bostad. 

For Nrep, the deal represents a unique opportunity to invest in an established and successful residential player with a solid building rights portfolio with over 20,000 building rights in prime locations that are primarily in the urbanized areas Stockholm and the Mälardalen region. Around 90% of homes will be located less than 30 minutes from the central business district of each city by public transport. Nrep has allocated approximately €500m (SEK 6bn) for the deal, of which approximately €200 – 300m (SEK 2,5 – 3,5 bn) will be raised through new share issues.

The investment will enable Klӧvern to reinforce the company’s position as a leading player in Sweden’s housing market. Nrep's aim is to capitalize the development of the company's building rights through new share issues, thereby increasing the pace of construction to reach approximately 2,000 – 3,000 homes per year.

The appeal of the acquisition for Nrep, is to accelerate the delivery of much-needed new homes in the Swedish market. Nrep is committed to drive positive change in the real estate industry and take on the major challenges it faces, including the need for additional sustainable oriented housing in key city locations.

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 had an aggregate demand from investors exceeding €4.2 billion.

About NrepNrep is a real estate investor committed to driving real change in the industry to benefit people and planet. Taking a holistic, long-term approach when investing across real estate segments, primarily residential, logistics, care homes and offices, Nrep is recognized for its ability to reimagining the built environment, including several large-scale neighborhood developments. The company manages 8 million square meters of real estate projects across Denmark, Finland, Sweden, Norway, Poland, and Germany, and has more than 400 employees across Europe working towards decarbonizing its real estate portfolio by 2028. Nrep is part of Urban Partners.

For more information, visit www.nrep.com