RBS International Luxembourg has signed a new subscription line with a maximum facility size of €300m with NREP Income+ Fund. NREP is the largest real estate investment manager in the Nordics and ranked as one of the most consistently performing real estate private equity managers globally by Preqin.
NREP Income+ Fund is an evergreen fund that launched in September 2020 and is expected to reach €1bn of commitments during Q1 2021. It is an open-ended, core-plus, Nordic real estate investment strategy, focussed on modern living, logistics and care homes. The facility is designed to provide operational flexibility to the fund and works seamlessly with the full suite of RBS International services, including banking, depositary and FX.
Nathan Mistry, RBS International Luxembourg commented “This has been a particularly interesting transaction as subscription facilities are still relatively uncommon for open-ended vehicles. By working closely with the NREP team, we managed to structure a bespoke facility that is fit for purpose for the fund. NREP has an excellent track record and their commitment to sustainability and their ‘modern’ investment strategy perfectly aligns to our purpose of helping people, families and businesses to thrive. I’m delighted to support NREP and extremely happy they have selected RBS International as their main banking and depositary partner for this fund.”
“We are very pleased to be supported by RBSI on both our depositary set up and the fund financing for our first evergreen fund structure. The NREP Income+ fund marks another milestone for NREP as it enables us to take an even longer-term investment view for our core strategies,” Jani Nokkanen, CIO of NREP commented.
RBSI Luxembourg was advised by Travers Smith as lead counsel and Wildgen as Lux law counsel for this transaction. NREP was advised by Reed Smith as lead counsel and Elvinger Hoss Prussen as Lux law counsel.