2020 in review

The Covid-19 crisis highlighted several of the challenges that we at NREP seek to address. We also saw the crisis act as a catalyst for us, our value chain partners and other stakeholders to re-examine what we can do to contribute to a more inclusive and sustainable built environment.

We significantly stepped up our ambitions and investments in capabilities across social, environmental, innovation and industry engagement to help improve the building environment and to become carbon neutral already by 2028. We stepped beyond by supporting the launch of Home.Earth, a new impact real estate company focused on addressing the need for sustainable, inclusive and affordable housing in a way that NREP cannot do within traditional economic models. Further, we also launched 2150, an urban tech sustainability VC fund, investing in technologies that enable and accelerate the development of sustainable cities.

Watch NREP’s CEO Claus Mathisen elaborate on our efforts or see the following videos to explore how we work to create better real estate for people and cities.

CEO Claus Mathisen, NREP – Impact review 2020

SOCIAL IMPACT:

UMEUS – Next level of social diversity in student housing, Nanna Yang-Sook Larsen

ENVIRONMENTAL IMPACT:

Norra Vitsippan – Pragmatic application of existing technologies for net-zero operational emissions, Rickard Langerfors

INNOVATION:

UN17 – Using Spacemaker’s innovative technology, Claus Mathisen

INDUSTRY ENGAGEMENT:

Why real estate need systemic change, Mikkel Bülow-Lehnsby

SOCIAL IMPACT:

With regards to our social impact, we have since 2019 completed, or are in the process of completing, ~11,000 units of residential addressing student housing, community-based living, mixed generation communities, senior housing, care homes or rental apartments catering to people at or below median income. These type of residential products that address underserved needs and societal challenges now means that we have reached 36% of our 2025 building target for social housing.

In 2020 we saw new exciting opportunities to impact neighborhoods more holistically and reached important milestones on existing urban development projects such as the regeneration of Tingbjerg, a socially disadvantaged neighborhood in Copenhagen, see case.

During the year, NREP also supported the launch of Home.Earth, a separate initiative focused on addressing housing affordability and in-equality in a way that we cannot do within traditional economic models.

ENVIRONMENTAL IMPACT:

In 2020 we have seen the energy intensity of our logistics properties come down with around 30% due to increased use of renewable power and better energy efficiency. In our residential portfolio we have seen a decrease in energy intensity of around 20%.

Our ambition is to drive our net CO2e emissions to zero already by 2028, and we are committed to take a leading role in the green transition. One example of a project initiated in 2020 that reflects our ambitions is the recycling project The Idea Factory – residentials, a preschool and a business space in Skarpnäck, Stockholm.

INNOVATION:

We have taken the step to establish 2150, an urban sustainability tech investment venture, set out to support technologies that enable and accelerate the development of sustainable cities.

NREP sees technology as a key enabler to progress future sustainability and 2150 helps us further accelerate adoption of new technologies.

Read more about our real estate tech engagements.

INDUSTRY ENGAGEMENTS:

Looking at our efforts to also influence the direction of the broader industry, in addition to contributing to the work of local green building councils, municipal regulatory development and legislative consultations, NREP has during 2020 contributed to industry and mainstream media on both social and environmental topics.

Green Building Council Denmark elected NREP’s Chairman and co-founder, Mikkel Bülow-Lehnsby, as their new Chairman of the Board. We also stepped up our efforts to present on sustainability at various industry conferences, provide training to service providers and other industry bodies.

OUR WAY FORWARD:

In 2020, NREP received the backing of Novo Holdings, the investment entity of Novo Nordisk Foundation, the largest charitable foundation in the world, as a strategic minority owner aligned with our purpose and bringing more muscle to accelerate our journey.

We thus continued investing much effort in strengthening our sustainability management systems, tools and specialist capabilities. Our team grew from 300 to 400 professionals, attracting talented individuals with a burning desire to make a difference.

See interview with NREP’s CEO Claus Mathisen, where he outlines our strategic impact priorities for the near term future.