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NREP divests unique urban living portfolio

urban living NREP OCP Copenhagen Aarhus

On account of its volume and property characteristics, the sale may well become one of this year’s largest and significant transactions in the Danish residential investment market.

Acting as sell-side advisor to NREP, Colliers recently facilitated the sale of a so-called urban living portfolio in Denmark’s premier growth cities, Copenhagen and Aarhus. The buyer is Dutch Orange Capital Partners (OCP).

Overall, the portfolio comprises a GLA of approx 110,000 sq m distributed over seven residential rental properties with a total of some 1,220 residential units. With Copenhagen properties accounting for about two thirds of the portfolio and Aarhus properties about one third, the properties benefit from highly attractive locations.

The properties fully meet the standards required in today’s market, including sustainable living. One of the properties in the portfolio is called “Resource Rows” (Ressourcerækkerne in Danish), built partly from upcycled materials like upcycled bricks from the Carlsberg breweries, upcycled concrete from the Copenhagen Metro and residual wood.

Ressourcerækkerne, Copenhagen. Photo by Niels Nygaard

With this property, NREP set new standards for sustainable high-quality newbuilding. So explains Anne Sofie Vett Raaschou, NREP,

“Our focal point when developing the portfolio was the construction of innovative residential units that are attractive, centrally located and affordable. Some of the properties were only completed recently or are scheduled for completion this year. With all properties expected to achieve DGNB certification, the portfolio represents a future-proof and attractive urban living portfolio.”

The properties in the portfolio were developed mainly by NREP, some in collaboration with AG Gruppen and Domis, both contributing with expertise in the field of future-proof, green and high-quality residential newbuilding.

“NREP is one of our most important business partners, and we are therefore absolutely delighted that they entrusted us with this significant transaction. In terms of volume, balance, quality and sustainability, the portfolio is unrivalled in a Danish context. Congratulations to NREP and their business associates for concluding a long development journey with a flourish, and to OCP on making this incredible expansion of their Danish footprint,” says Frederik Møllebjerg, Director, who together with his Capital Markets colleague Kristian Axel Nielsen headed the sales process.

Director Kristian Axel Nielsen adds,

“A great many people are involved in a transaction of this size, and we would like to take the opportunity to thank all those involved, both with NREP and with Accura, PwC and Niras, each playing a pivotal role on the sell-side, for a tremendous work effort and great teamwork.”

The buyer of the portfolio, OCP, has already invested heavily in Danish residential properties, with investments just shy of DKK 3 billion in 2021, also with a keen focus on sustainability, high standards and attractive locations. As the properties in the portfolio offer well-located, innovative, and green residential units that at the same time are attractive and affordable, the portfolio is fully aligned with OCP’s stated strategy. Buy-side advisors included Bruun & Hjejle, EY and Cowi.

The seller of the portfolio, NREP, has pioneered sustainability in real estate, and is today the leading real estate investor and innovator in the Nordics. NREP has in fact pledged to become CO2 neutral already by 2028. Apart from Colliers, sell-side investors included Accura, PwC and Niras.

The sales price is undisclosed.

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