Storebrand Real Estate Fund II acquires Danish resi portfolio

Storebrand Real Estate Fund II (SNRE II) has made its first acquisition, a portfolio of residential properties in Denmark, with most of the value concentrated in Copenhagen. 

SNRE II

This move strengthens Storebrand's position in the Danish residential market. The portfolio includes 441 apartments across 38,193 m2. 
SNRE II plans for long-term ownership, making technical upgrades as needed, and will continue selling individual apartments in two of the properties, where the seller had already started this process. 
The acquisition, consisting of seven properties, was an off-market deal with Pædagogernes Pension (PBU) as the seller.
Through SNRE I and II, Storebrand Real Estate continues to broaden its fund offering and deepen its presence across the Nordic region.
Henrik Bastman, portfolio manager for SNRE II and CEO of Storebrand Real Estate Sweden, said: “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.”
Truls Nergaard, CEO of Storebrand Real Estate, added: “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.”
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 bn, consisting of 250 assets and more than 2 million m2 of lettable area.