Nrep invests in Swedish care home developer Sehlhall, setting €700 million portfolio goal

Nrep, through its NSF V fund, has formed a partnership with Swedish care home developer Sehlhall Fastigheter. The collaboration aims to develop and manage a portfolio of care homes in Sweden, targeting a total value of approximately €700 million.

The initiative is a response to rising demand for elderly care facilities in Sweden, where the aging population is creating a need for around 3,000 new care home units per year, or roughly 50 new facilities annually. There is also an identified need to modernize much of the country’s existing care property stock.

With this investment, Sehlhall will shift from being solely a developer to a long-term owner and manager of its properties. Nrep brings experience in owning and managing social infrastructure across the Nordic region, while Sehlhall contributes sector expertise and an established project pipeline.

The partnership plans to deliver at least 40 new care home projects over the next five years, focusing on municipalities with the highest demand.

Nrep, which currently has €1.6 billion invested in the Nordic care home sector, will continue to operate its existing “Altura” platform separately. Altura manages around 60 care assets and will pursue further acquisitions independently of Sehlhall.

As part of the agreement, Nrep will become Sehlhall’s majority owner over time. Sehlhall’s board, chaired by former Swedish Finance Minister Anders Borg, will include new representatives from Nrep to support the company’s growth plans. Other co-owners include Sehlhall founders Dan T. Sehlberg and Petter Hallenberg, along with Stena Fastigheter, Carl-Henric Svanberg, Ulf Adelsohn, Thord Wilkne, and Johan Andersson.

Legal advice for Nrep was provided by Real Advokatbyrå.