ESG-focused real estate investor NREP has completed the acquisition of 22 properties across Sweden for approximately €420m.
The purchase, which was made by the investor’s NREP NSF V Fund, comprises 20 care homes and two pre-schools totalling 99,500 sq m (circa 1.07m sq ft).
The assets, which are located across 18 municipalities in the Stockholm, Mälardalen and Dalarna regions as well as the southern and western parts of the country, will be managed by NREP’s social infrastructure platform Altura.
All of the buildings have achieved Miljöbyggnad Silver, iDrift, and LEED Gold certification, with one exception being certified by completion.
Jani Nokkanen, CIO of NREP, said: “This acquisition provides a major boost to our aim to not only become a leading provider of high-quality social infrastructure buildings in Sweden, but to expand our portfolio which we ultimately seek to grow in further target markets with similar fundamentals and pressing challenges.
“The share of the Nordic population over 80 years of age is forecast to grow significantly the coming years, leading to an increase in the demand for care home apartments, and we see similar needs for more high quality schools and pre-schools, which confirms our strategy to solve real issues through customer-oriented social infrastructure buildings.”
Dorotea Stellmach, head of Altura, Sweden, added: “It was a rare opportunity to acquire this well-managed portfolio which offers a similar level of resident-focused care as our existing offer, whilst still having scope for us to further enhance. The human aspect is crucial when providing care homes and pre-schools, and with our team being experienced in healthcare and educational facilities, we are managing a portfolio characterised by high quality, well-tailored environments for the people living, studying, visiting or working in the facilities.”
