SNRE II completes first acquisition – Danish residential portfolio concentrated to Copenhagen

Storebrand Real Estate is strengthening its presence in the Danish residential market through the first acquisition made by its recently launched Storebrand Real Estate Fund II.

Shortly after its first closing on 8 October, Storebrand Nordic Real Estate Fund II (SNRE II) has now completed its first acquisition: a Danish residential portfolio consisting primarily of modern properties in attractive locations.

The portfolio comprises a total of 38,193 sqm distributed across 441 apartments, with more than 70 percent of the underlying property value concentrated in Copenhagen.

Business plans differ across the assets, but the overall strategy is long-term ownership with gradual technical upgrades carried out as needs arise.The transaction included seven properties and was completed off-market, with Pædagogernes Pension (PBU) as the seller.

- We are pleased to have deployed a significant portion of the commitments raised relatively soon after the fund’s first close. Securing an off-market portfolio that aligns well with our core-plus strategy demonstrates our execution capabilities in the Nordic real estate market, says Henrik Bastman, Portfolio Manager for SNRE II and CEO of Storebrand Real Estate Sweden.

For two of the properties, the seller had already initiated apartment disposals as units became vacant. The fund intends to continue this strategy where appropriate, subject to market conditions.

SNRE strengthens Storebrand Real Estate’s Nordic position

Through SNRE I and II, Storebrand Real Estate continues to broaden its fund offering and deepen its presence across the Nordic region.

- We are working with clear focus to reinforce our position as a leading Nordic asset manager. It is therefore very satisfying to see how we continue to strengthen our pan-Nordic offering, says Truls Nergaard, CEO of Storebrand Real Estate.

Advisors to the transaction were Bruun & Hjejle, Colliers, PwC och Rambøll. SNRE II has appointed Capital Investment to manage the acquired assets.

Storebrand Real Estate manages a property portfolio of approximately €8 billion, consisting of 250 assets and more than 2 million sqm of lettable area. The property team includes 80 professionals across the Nordic region.

Disclaimer: This is marketing material intended for professional investors.