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Allen & Overy advises Swiss Life Asset Managers on the acquisition of NRP's real estate business

Allen & Overy has advised Swiss Life Asset Managers on the acquisition of the real estate business unit of Ness, Risan & Partners AS (NRP), a leading provider of real estate projects and funds in the Nordic countries based in Oslo.

The parties agreed not to disclose the acquisition price. Subject to inter alia clearance by the Norwegian Financial Supervision Authority, the transaction is expected to close in Q4 2021.

With the acquisition of NRP's real estate business, Swiss Life Asset Managers is expanding its geographical presence and enhancing access to new investors in the Nordic countries. The business unit purchased from NRP will in future operate under the Swiss Life Asset Managers brand. The Oslo office will be retained and all 39 staff members from the real estate business taken over.

NRP manages a varied portfolio of office, retail and industrial properties across the entire Nordic region, with a particular focus on logistics properties. As at the end of 2020, NRP was managing and administering assets valued at NOK 11.4 billion. NRP, which was founded in 2000, has 110 employees in total working in the fields of real estate, shipping and offshore. Its clients include family offices, private investors, investment companies, foundations, trusts and institutional investors.

Swiss Life Asset Managers, a renowned asset manager and leading institutional real estate manager in Europe, at the same time managed real estate across Europe worth CHF 99.7 billion and employed 2,200 staff in total.

The Allen & Overy team comprised partner Dr Hans Schoneweg and senior associate Juliane Dieckmann-Keden, as well as associates Daniel Wendler and Christin Schlorf (all Corporate/M&A, all Hamburg).

Swiss Life Asset Managers was advised in-house by Adrian Brügger (Legal Counsel).