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CapMan launches Nordic private equity real estate fund

7 Mar 2013

Nordic private equity firm CapMan has established its fourth real estate fund in the region.

The firm said its CapMan Nordic Real Estate (CMNRE) fund will invest mainly in properties with value-add potential that can be realised through active management.

It added the focus of the fund would be office and retail properties located in the Nordic countries.

Together with CapMan and the team, five institutional investors from Finland and the US have committed a total of €50.1m to CMNRE at the first closing. CapMan’s and the investment team’s own investment in the fund is €8.1m, it said.

Investments made by CMNRE are financed with an average of 50 to 60 per cent debt financing, providing a current investment capacity of approximately €125m.

Fundraising for the fund continues and CapMan said expects to achieve the final closing for the fund in 2014 at the latest.

The investment focus of CMNRE is office and retail properties with opportunities in growth centres in the Nordic countries. The objective of the CMNRE fund is to actively manage and add value to properties over a period of three to five year, it said.

CapMan Real Estate’s Nordic team consists of 20 investment and asset management professionals in Helsinki and Stockholm. The fund’s first investment is an office building in Sollentuna in the Greater Stockholm area with Pfizer and BMW as the main tenants.

“The Nordic region is viewed as an attractive location for real estate investments due to its favourable macroeconomic environment in comparison to Continental and Southern Europe. There is international demand for Nordic private equity real estate investments and we are pleased to be able to offer investors this opportunity. Our strong local team, which we are looking to further strengthen especially in Sweden, is well-positioned to execute CMNRE’s investment strategy,” said Mika Matikainen, senior partner and head of CapMan Real Estate.

CMNRE generates management fees and carry according to private equity real estate fund standards.

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