Alma Property Partners has raised an initial SEK775m (€84m) for a pan-Nordic opportunistic real estate fund.

The Stockholm-based private equity firm said institutional investors backed the vehicle, which has met 40% of its SEK2bn target raise.

Four undisclosed Nordic institutional investors backed the Alma Property Partners I vehicle.

Simon de Château, partner and CIO at Alma Property Partners, said the company saw “excellent investment opportunities at the moment”.

The fund bought its first asset in February, acquiring 53 apartments in Copenhagen and Lyngby.

The deal was completed using capital committed by founders and private professional investors.

Sveafastigheter Fund III sold the 5,000sqm portfolio.

“Residential prices in and near Copenhagen have appreciated since bottoming out in 2009,” de Château said, “but there is still good value in buying select portfolios of leased-out condominiums.”