Linco Fastighets AB
In January 2006, a joint venture between NEP Partners and Lehman Brothers Real Estate Partners completed the acquisition of Linco Fastighets AB.
Linco: A private Swedish property company owning 4 large office buildings (with ancillary storage and retail space) totalling approximately 148,000 square meters in the Solna Strand and Norrtull areas of Stockholm.
Immediately following acquisition, NEP Partners implemented an active and successful asset management strategy, including completion of major renovation programs, improvement of tenant service levels, leasing of approximately 29,000 square meters of space and the increasing of rent levels. NEP Partners and Lehman Brothers Real Estate Partners sold the properties in January 2008 in two separate transactions to Faberge (Getingen, Norrtull – SEK 520 million) and Humlegården (Solna Strand properties – approx SEK 1.6 billion).
Realised Equity Returns
Multiple of Capital: 4.7x
IRR: 113%
