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Travers Smith advises RBSI Luxembourg on a €300m credit facility provided to NREP Income+ Fund

Overview

Travers Smith LLP has advised the Royal Bank of Scotland International Luxembourg (RBSI Luxembourg) on a new €300m subscription line made available to NREP Income+ Fund, a fund managed by NREP, the leading real estate investor and innovator in the Nordics.

NREP Income+ Fund is an evergreen fund that launched in September 2020 and is expected to reach €1 billion of commitments during the first quarter of 2021. It is an open-ended, core-plus, Nordic real estate investment strategy, focussed on modern living, logistics and care homes. The facility is designed to provide operational flexibility to the fund and works seamlessly with the full suite of RBSI services, including banking, depositary and FX.

The Travers Smith team was led by Finance Partner Katie McMenamin with support from Senior Associate Rachel Carling, Associate Alastair Lowson and Trainee Katy Lavall-Smith.

Nathan Mistry, RBSI Luxembourg commented “This has been a particularly interesting transaction as subscription facilities are still relatively uncommon for open-ended vehicles. By working closely with the NREP team and Travers Smith, we managed to structure a bespoke facility that is fit for purpose for the fund. NREP has an excellent track record and their commitment to sustainability and their ‘modern’ investment strategy perfectly aligns to our purpose of helping people, families and businesses to thrive.”

Partner Katie McMenamin added "Open-ended funds present their own unique challenges when implementing fund financings, and we are delighted to have worked with RBSI Luxembourg to create an innovative solution tailored for NREP. RBSI is a long-standing client of Travers Smith and we are pleased to have this opportunity to work with the Luxembourg team on this innovative financing."

Wildgen was Luxembourg law counsel to RBSI Luxembourg. NREP was advised by Reed Smith as lead counsel and Elvinger Hoss Prussen as Luxembourg law counsel.

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