German bank Helaba has provided a €74 million loan to Nordic private equity real estate group NREP to finance a mixed-use portfolio of properties located in southern Finland.
The long-term loan is secured by three retail properties, two logistics assets and an office building comprising around 59,500 square metres of space. The properties are all let on a long-term basis.
The portfolio includes most of the Finnish assets in NREP Nordic Strategies Fund, a multi-strategy real estate fund with investments currently totaling €1 billion.
Helaba is increasingly targeting loans in the Nordic region and plans to open a representative office in the Swedish capital Stockholm this year.
Last October the bank said of its plans to open in Stockholm: “An additional focus for the new representative office will be supporting medium-sized customers of the savings banks as well as Helaba’s German and Scandinavian corporate customers. Up to now, these customer groups have been served from Frankfurt.”
The German bank had a strong year in 2015, matching the €9.8 billion it lent on real estate in 2014 and exceeding its €8 billion target. However, Helaba was one of several German banks that warned in its 2015 results that profits were unlikely to be as high in 2016.
Helaba expects to lend between €7 billion and €8 billion on real estate this year.