With the acquisition of the real estate business of Ness, Risan & Partners (NRP), Swiss Life Asset Managers expands its geographic footprint and strengthens access to new investors in the Nordic region and further enhances its position as Europe's leading real estate manager. The acquired business area of NRP will in future operate under the Swiss Life Asset Managers brand. The Oslo location will be retained, and all 39 employees from the real estate business taken over.
With an exceptional network and knowledge of the Nordic commercial real estate market, NRP manages a varied portfolio of office, retail, and industrial properties across the region, with a strong emphasis on logistics properties. The manager’s portfolio is characterised by attractive properties at strategic locations, with tenants on long-term contracts. At the end of 2020 NRP holds NOK 11.4 billion (CHF approx. 1.2 billion) in assets under management or administration. The company, founded in 2000, is based in Oslo, Norway and has 110 employees in total in its real estate and shipping and offshore business. NRP's clients include family offices, private investors, investment companies, foundations, trusts and institutional investors.
"With one of the leading providers of logistics real estate in the Nordics we can strengthen our geographic footprint in Europe in line with our strategy and further expand our position as a leading European real estate manager1," says Stefan Mächler, CIO of Swiss Life Group. "By taking this step, we are broadening our client base and providing our clients with direct, in-depth market access for Nordic real estate. We look forward to working with NRP's experienced and successful team," adds Stefan Mächler.
Swiss Life Asset Managers will retain NRP’s real estate unit of 39 employees and its Oslo office which will operate under the Swiss Life Asset Managers brand. Christian Ness, founder and managing partner of NRP, will take over as head of Swiss Life Asset Managers in the Nordics.
“Following a long and thorough process, we found Swiss Life Asset Managers to be a perfect partner for NRP, with a strategic approach, financial strength, expertise and network that makes this relationship more valuable than the sum of the parts,” says Christian Ness. “For our real estate-team it means business as usual going forward, but also new opportunities to significantly increase our direct investments at the top level of European real estate.”
The parties have agreed not to disclose the sale price. Subject to the approval of the Norwegian Financial Supervisory Authority, the transaction is expected to be completed in the fourth quarter of 2021.
1INREV Fund Manager Survey 2020 (AuM as of 31.12.2019)