NREP forward buys €98m Danish PRS scheme from Skanska

Nordic property company NREP is paying Skanska DKr737 million (c€98.8 million) for a multi-family rental project, in Herlev, Denmark.

The forward purchase deal is expected to complete when the project, Hørkær Have, is handed over in the second quarter of 2025. The first apartments will be ready for occupation by December 2024. The project is expected to be completed by June 2025.

Hørkær Have is located close to the railway station in central Herlev, in the north-west suburbs of Copenhagen. The 22,720 sq m project, which will comprise 264 apartments for rent, will have one parking space per unit, 44 of which will have EV charging facilities. All have either a balcony or terrace and there will be a shared garden area and communal facilities for meetings, tenant activities and working from home. The project is pre-certified according to the green certification DGNB, level Gold.

The apartments range from 58 sq m to 137 sq m and average 85 sq m in size. Skanska explained that they are at the smaller end of the scale to suit local demand. NREP subsidiary Juli Living has already begun marketing the units.

Nrep was advised by Gorrissen Federspiel, PwC, Colliers and Vita.