Perpetual entrepreneurs

Fresh perspectives

NREP is an independent partner owned  private equity firm focused on creating long term value through real estate and real estate anchored businesses. At home in the Nordics, we match smart thinking with local expertise to identify business strategies that are supported by strong operational fundamentals, but that are difficult for broader pools of capital to access and where we can roll up our sleeves to hands-on create healthy stable businesses that fare well across business cycles:


  • Addressing the lack of modern logistics buildings to support the strong growth of the logistics industry,  NREP developed the leading logistics real estate service provider and single largest owner of modern logistics properties in the Nordics
  • Identifying the lack of storage space in the Nordic capitals, NREP created a pan-Nordic self storage operator that in its first five years has already grown to become the fifth largest in Europe
  • Realizing the untapped value in neglected centres for everyday shopping in the suburbs of major growing Nordic cities, NREP helps shops and restaurants thrive while giving the local communities new pulse and life


And it works! NREP is ranked as one of the most consistently outperforming PERE managers worldwide.  Across nine funds since 2005 and more than 180 transactions of which approx. 35% have been realised, we have achieved an average IRR of +20%, with no single year of losses.


NREP. Value Realised





Consistent investor value

NREP has consistently demonstrated an ability to enhance returns in both cyclical downturns and upswings by maintaining a disciplined approach to assets and their value. We are proud of our track record showing, that across nine funds, NREP has achieved an average IRR of +20% with no single year of losses.

Returns are calculated on aggregate asset level using INREV guidelines and definitions, Mark-to-Market, as at 30 June 2016.

Fund overview Name Sector Vintage year Gross IRR Strategy Type
Fund IX Nordic Strategies Fund II Multi-Strategy 2016 n/a% Value-Add Closed-ended
Fund VIII Nordic Strategies Fund I Multi-Strategy 2014 41.1% Value-Add Closed-ended
Fund VII Development II Residential 2013 39.8% Development Closed-ended
Fund VI Nordic Retail II Retail 2012 17.3% Core Closed-ended
Fund V Development I Residential 2011 30.7% Development Closed-ended
Fund IV NREP Logistics I Logistics 2010 28.1% Value-Add Closed-ended (exited)
Fund III Pelican Self-Storage Self Storage 2009 Confidential% Development Open-ended
Fund II Nordic Retail I Retail 2009 98.3% Core Closed-ended (exited)
Fund I C1 Multi-Strategy 2006 7.5% Value-Add Closed-Ended
Fund I
Name: C1
Sector: Multi-Strategy
Vintage year: 2006
Gross IRR*: 7.5
Strategy: Value-Add
Type: Closed-Ended
Fund II
Name: Nordic Retail I
Sector: Retail
Vintage year: 2009
Gross IRR*: 98.3
Strategy: Core
Type: Closed-ended (exited)
Fund III
Name: Pelican Self-Storage
Sector: Self Storage
Vintage year: 2009
Gross IRR*: Confidential
Strategy: Development
Type: Open-ended
Fund IV
Name: NREP Logistics I
Sector: Logistics
Vintage year: 2010
Gross IRR*: 28.1
Strategy: Value-Add
Type: Closed-ended (exited)
Fund V
Name: Development I
Sector: Residential
Vintage year: 2011
Gross IRR*: 30.7
Strategy: Development
Type: Closed-ended
Fund VI
Name: Nordic Retail II
Sector: Retail
Vintage year: 2012
Gross IRR*: 17.3
Strategy: Core
Type: Closed-ended
Fund VII
Name: Development II
Sector: Residential
Vintage year: 2013
Gross IRR*: 39.8
Strategy: Development
Type: Closed-ended
Name: Nordic Strategies Fund I
Sector: Multi-Strategy
Vintage year: 2014
Gross IRR*: 41.1
Strategy: Value-Add
Type: Closed-ended
Fund IX
Name: Nordic Strategies Fund II
Sector: Multi-Strategy
Vintage year: 2016
Gross IRR*: n/a
Strategy: Value-Add
Type: Closed-ended

Investor by region

Investor by type

Our history

NREP (Nordic Real Estate Partners) was founded in 2005 by Mikkel Bülow-Lehnsby, Rickard S. Dahlberg and Rasmus Nørgaard, prompted by the observation of a distinct lack of professional real estate investment managers in the Nordics. NREP was set up with a focus on creating risk-adjusted returns and taking an operational specialist approach to real estate investing as opposed to a more opportunistic transactions driven approach focused on absolute returns and acceptance of high levels of risk.


Full teams and offices were set up from inception in Denmark, Sweden and Finland, and the first fund was launched in 2006. Since then the company has raised a total of nine funds and established a team in Norway. Today NREP is a team of more than 90 professionals of whom about half is transaction or asset management professionals. The firm is still fully owned and managed by its partners, which has grown from the original three to a broad strong team of 12.


Since the first fund, NREP has with each new fund gradually earned the trust of a growing number of institutional investors from around the World. Our investors include some of the world’s largest and most demanding pension funds, insurance companies and wealth managers, who in turn safeguard the future and assets of millions of pensioners and benefit holders. Family offices have been important for NREP since the beginning, not only as a loyal group of investors, but also as valuable strategic relationships for our businesses and investment sourcing.