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Sign in Sign up for a FREE subscriptionNREP increases exposure to elderly care sector with 13-asset Swedish portfolio acquisition
NREP announces that its NREP Income+ (NIP) fund has completed the acquisition of a portfolio of elderly care homes from Fastighets AB Stenvalvet, a Swedish real estate developer and manager, for €200 million ($227 million).
The portfolio increases the exposure of NREP’s care home platform, Altura, to demographically driven projects that make a tangible difference to society while meeting a clear long-term need and generate income-oriented value. The transaction also aligns with NREP’s sustainability strategy and expands the Altura platform to more than €1 billion ($1.1 billion) of assets under management.
The care home portfolio is diversified across 10 different municipalities of Sweden and comprises almost 500 senior living apartments leased to a range of public and private operators, including reputable specialists such as Vardaga, Attendo, Förenade Care and Silverlife. The portfolio is fully operational and leased, with less than 1 percent vacancy, while N
