The executive board has today discussed and approved the annual report of NREP Union GP ApS for the financial year 1 January - 31 December 2023.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023.Management recommends that the annual report should be approved by the company in general meeting.Thomas Ebbe Riise-JakobsenRune Højby KockNick Holmelund MelgaardStine SenebergTo the shareholder of NREP Union GP ApSOpinionWe have audited the financial statements of NREP Union GP ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including summary of significant accounting policies. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements, that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Brøndby2024-05-28Vadskær KrømmelbeinMichael Kodama KrømmelbeinStatsautoriseret revisormne44139-6743211269265838893561-71056771607-710567709-710567709092990092990533426707533429969753342996974000040000-4648724569-648764569598293512859829351285982935128533429969740000-2450027019-7105640000-46487The Annual Report of NREP Union GP ApS for 2023 has been prepared in accordance with the provisions ofthe Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rulesapplying to reporting class C. The accounting policies applied are consistent with those of last year. The annual report for 2023 is presented in DKKThe company had mistakenly booked VAT on transactions in previous years with been registered for VAT. Managements view is that the Company is not subject to VAT and that no VAT should have been recorded. Thus Management has decided to treat is as a prior year correction through equity with correction of comparison figures. The equity 1/1 2023 is adjustet with 27,019.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross loss comprises other external expenses.Other external expenses include expenses related to administration etc.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses as well as realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions.The Company is jointly taxed with with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Cash and cash equivalents comprise deposits at banks.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Liabilities, which include trade payables and other payables, are measured at amortised cost, which is usually equivalent to nominal value.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.The company's main activity is to be a complementary to NREP Union K/S as well as other business associated with it.After the balance date the company has increased the share capital by 10,000 at a price of DKK 5,000 equalent to a capital increase of DKK 500,000.0007Joint taxation The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of NREP LPF Administrationsselskab ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Other contingent liabilities The Company is an unlimited partner for the limited partnership NREP Union K/S, which means that the Company has unlimited liability to the partnership's obligations. The partnerships' total debt amount to DKK 276,671 at 31 December 2023.Årsrapport40689745Vadskær KrømmelbeinVibeholms Allé 162605 Brøndby2023-01-012023-12-312022-01-012022-12-3141716223NREP Union GP ApSSouthamptongade42150NordhavnDKDanmark2020-09-24KøbenhavnDanske Bank A/SVadskær Krømmelbein40689745Michael Kodama KrømmelbeinStatsautoriseret revisorVibeholms Allé162605BrøndbyDKDanmark2024-05-28Stine SenebergRegnskabsklasse BtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalse417162232023-01-012023-12-31417162232023-01-012023-12-311417162232022-01-012022-12-31417162232022-12-31417162232023-12-31417162232023-01-012023-12-311417162232023-01-012023-12-312417162232023-01-012023-12-313417162232023-01-012023-12-314417162232023-01-01f:ContributedCapitalMember417162232023-01-012023-12-31f:ContributedCapitalMember417162232023-12-31f:ContributedCapitalMember417162232023-01-01f:RetainedEarningsMember417162232023-01-012023-12-31f:RetainedEarningsMember417162232023-12-31f:RetainedEarningsMemberiso4217:DKKxbrli:pure