“The business plan when we bought the property in 2016 was to invest in the property and rent out vacant space, extend the lease period with the main tenant Santa Maria and increase the rental income. Together with Wilfast, we have succeeded in implementing this plan. The effect of this, with further traction from a strong market, has been an increase in property value. The Fund is also in a wind down period, so this is all according to the Fund strategy,” says Eirik Forthun, Partner and Fund Manager at NRP Asset Management.
NRP is an Oslo-based, Nordic Real Estate alternative investment manager with approx. 1.3 million sqm of Nordic logistics real estate. NRP is one of the largest non-listed players in this segment, offering both Private Real Estate Funds and direct investments to its investors. Since 2000, NRP Group has completed nearly 200 commercial real estate transactions (acquisitions and realizations) in the Nordics, delivering consistent returns to its investors.
“For this project we have had a significant number of direct investors alongside the Fund. We are happy about the outcome and the return on behalf of the investors. The value created in this project is a result of the collaboration model we have had for many years now, combining fund investors, direct investors Wilfast and NRP,” says Knut Ekjord, Partner and Head of Real Estate Direct Investments at NRP Finans.
Wilfast offers a wide range of services to the Nordic real estate market with a strong emphasis on property management, property development, acquisitions, business management, financing and sales. The business is mainly focused on commercial properties in warehousing, logistics, industry and retail, where Wilfast also often co-invests.
“We are a flexible organization that through our many years of collaboration with NRP has the financial security required to be involved in slightly larger real estate projects. That we often work as both owners and property manager is part of our business concept and our long-term commitment to the properties we manage. At the same time, it means security for our tenants and a guarantee that our properties are handled with care and great accuracy, says Mattias Wilson, CEO at Wilfast.