Nrep, the ESG-focused real estate investor with €19 billion ($21 billion) of assets under management, has acquired a majority stake (51 percent) in Klӧvern, a Swedish residential developer owned by Corem Property Group, ALM Equity and Broskeppet Bostad.
Nrep has allocated about €500 million ($543 million) for the deal.
For Nrep, the deal represents a unique opportunity to invest in an established and successful residential player with a solid building-rights portfolio with more than 20,000 building rights in prime locations that are primarily in the urbanized areas Stockholm and Sweden’s Mälardalen region. About 90 million of homes will be located less than 30 minutes from the central business districts by public transport.
“Sweden has an increasing population growth, and this acquisition enables us to meaningfully contribute to the supply-demand gap of housing, whilst growing our portfolio in collaboration with mission-aligned partners,” said Rune K
