Nrep identified the newly acquired residential portfolio as a compelling investment proposition on account of the supply / demand imbalance for housing stock in Stockholm, which is set to be further exasperated by a growing population and declining construction rates. Moreover, the homes are both sustainable and affordable, making them an ideal fit with the characteristics of Nrep’s wider residential portfolio.

Carl-Adam von Scheele, Head of Sweden at Nrep, said: “This acquisition is enabling us to meet our goal of expanding our residential portfolio in the Stockholm region, which is experiencing exponential demand for rental accommodation. The portfolio, offering 524 apartments, is of a significant scale, and we are pleased to be providing the local market with volumes of quality housing in a desirable location and at an affordable price point. The properties have a high sustainability performance that meets our requirements and we look forward to managing them in a successful and long-term way.”

Sustainability is a cornerstone of Nrep’s investment strategy, and this acquisition reaffirms the company’s commitment to reducing the climate footprint of the built environment. Both locations will be certified through the Swedish Green Building Council’s Silver standard, which ensures a high energy class and low environmental impact. Sustainable features include timber building materials, geothermal heating, and solar cells. The reasonable rent levels, strategic locations and well-designed architecture also contribute to the assets having a high social sustainability profile.

The acquired homes in the emerging Brogårdsstaden district in Upplands-Bro comprise fully let residential blocks with a wooden frame and facade, which reduces carbon dioxide emissions both during construction and during the buildings’ lifecycle. Wood as a material also contributes to a good indoor climate and requires less energy in its manufacture, construction and management. The block has a lettable area of 6,065 square metres spread over 112 rental apartments. They were completed in August 2022 and were built with investment support. The property is beautifully located in scenic surroundings while the city centre is within easy commuting distance.

Ångloket in central Knivsta consists of two blocks that will be completed and leased in 12 stages. The final phase will be completed in Q1 2025. In total, 412 modern, well-designed and space-efficient rental apartments with a total of 17,310 square metres will be built. The property is located in the heart of Knivsta with proximity to communications, public services and services. The leasing process is progressing well, mainly due to the optimal location, modern architecture and sustainable rent levels.

In recent years, Nrep has expanded significantly in the residential sector in Sweden and has a portfolio of approximately 3,700 homes which are at various stages of development. The company is part of the Urban Partners investment platform, which consists of three strategies, united behind a common vision to provide constructive capital to meet the complex challenges presented by urbanisation and the built environment.