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:
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
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)|
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.