Nrep raises €900m for new ‘perpetual’ fund

The initial raising of €900m makes ‘Nrep Income+’ the largest Nordic core-plus fund ever. By now, Nrep has already deployed two thirds of the fund’s capital into investments representing all Nordic countries. The ‘perpetual’ fund allows for very long-term investments and will leverage Nrep’s operating capabilities to focus on underserved segments such as middle-income residentials, modern logistics and care homes.

“Supported by enduring consumer trends and demographic developments, we can now extend our long-term approach even further to generate more income-orientated value. The new fund reflects a demand from many of our investors and it matches the investment opportunities we meet in the market. Despite a different and lower risk profile in this fund, our ambition to make real estate greener and more customer friendly remains important to every investment we make,” says Claus Mathisen, CEO of Nrep.

The fund’s largest acquisition so far is one of the Nordic region’s most sophisticated distribution centers, a 27-metre clearance high-bay logistics building measuring 84,800 m2 and let on a long-term agreement with the grocery retailer Coop. Located close to Oslo, the property is fully automated and holds further opportunities to be expanded. Other investments include two care homes in the Stockholm region with a sustainability profile, one of which with a preschool on the ground floor.

Nrep’s investors are institutional and predominantly pension funds. Investors backing the new fund include Novo Holdings, the investment company of The Novo Nordisk Foundation, one of the world’s largest charitable foundations, as well as Dutch pension investor Bouwinvest.

“Nrep is a partner we have known for quite some years. They have a strong presence in the markets we like to invest in, with a proven and excellent track record. Moreover, Nrep is a likeminded partner with a strong sustainability agenda and a long-term focus. This fits our real value for life approach: the real estate investments we manage, contribute towards sustainable, liveable and accessible urban environments while improving pension benefits,” says Robert Koot, Director for European Investments at Bouwinvest.

In correspondence with the investment pipeline, the fund will raise additional capital on a rolling basis.

About Nrep:

Nrep is a real estate investor that develops, operates, and innovates to improve the built environment, for the benefit of all stakeholders. Nrep takes a long-term approach to value-creation across its main segments: Living, Logistics, Care and Offices. The company has 330 employees and manages 2.5 million square meters of real estate, worth €7.1bn (AuM), across Denmark, Finland, Sweden, and Norway. Nrep averages more than one investment per week and is recognized as a pioneer within sustainability, customer centricity and use of technology.

About Bouwinvest:

Bouwinvest Real Estate Investors invests capital mainly for pension funds and insurers. We invest for the long term and manage a total € 12.9 billion in various property sectors. We aim to play a role in contributing to the city landscapes of the future and influencing their design. Our asset management contributes to sustainability, liveability and accessibility in the urban environment and the improvement of pension benefits in the retirement plans of our clients. In this way we create social and financial returns. In short: we create Real Value for Life. For more information, visit

About Novo Holdings:

Novo Holdings, a Danish private limited liability company wholly owned by the Novo Nordisk Foundation, is recognized as a leading international life science investor with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. For more information, visit