NRP established fund nr. 7 in June 2016, and has after that raised NOK 1,3bn from Norwegian investors. NOK 200m has also been reserved to a foreign investor. If this goes as planned the fund has reached maximum capacity for this fund. We have therefore decided to close the final fund raising.
- The interest from the investors have been very high. Even though there is some details remaining for the foreign investor, the capital is reserved, and we therefore have chosen to close the fund, Axel Wroll-Evensen says. If the ongoing process with the foreign investor shall fail, for some reason, will we see whether we will raise the NOK 200m in the Norwegian market or not, he adds.
The fund invests together with partners and it is estimated that the underlying property values will exceed NOK 5bn. The fund have deployed about 50% of the equity in SPVs for close to NOK 3bn in property value, divided on four different properties in the Nordic. The fund is very active in finding new attractive opportunities for the remaining capital.
- With the four investments in the portfolio, we have gotten a very nice start, and are now working forward to find new attractive opportunities for the rest of the capital, Wroll-Evensen says.
Through the fall 2016 the fund did four investments, two in Sweden, one in Norway and one in Denmark. Approx 300.000 square meters of real estate and a value of NOK 3bn.
The tenants in these investments were Staples, Volvo, Tryg and Santa Maria, and remaining a weighted average lease periode of about 11 years. The estimated yield gap of the investments were 3,5% which is a good base to secure a nice cash-flow to the investors.
NRP is the largest unlisted manager of logistics property in the Nordic, with more than 1,4million square meters under management. NRPs real estate funds were the fall of 2016 for the first time registered in the database for the international rating company Preqin. All of NRPs funds are in the top tier compered to funds in the Nordics, Europe and the rest of the world.