Nordic real estate investor Nordika has received €385m of equity commitments for Nordika V, its latest value-add real estate fund focused on special situations and complex acquisition opportunities across the Nordics.

Total commitments to the fund will be capped at €500m, Nordika said, with the final close targeted for the second half of the year. 

The fund has secured its first investment: a SEK500m (€45m) commitment to Vendus, an established Swedish grocery-anchored retail platform. Vendus currently owns a diversified portfolio of 114 assets across Sweden, with approximately 81% of rental income derived from grocery-anchored stores and 97% economic occupancy. ICA, Axfood and Coop are the largest grocery tenants, with the portfolio primarily focused on daily goods and discount retail.

In parallel, Nordika V is working on a number of opportunities, including the recap of distressed residential platforms, big-box discount retail, light industrial, industrial outdoor storage, self-storage, preferred equity opportunities, and value-add hotel situations across the Nordic region.

Also this week, Canary Wharf Group sold 1-5 Bank Street in London and data centre specialist DataVita secured a £300m (€350m) financing from a consortium of lenders to deliver two data centres in the North Lanarkshire AI Growth Zone.

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
1-5 Bank Street office London Brookfield and Qatar Investment Authority Canary Wharf Group (CWG) 700,000sqft £625 (€729) The main tenants in the fully occupied office building are French lender Société Générale and the EBRD.
affordable housing scheme living London Hyde London Square 337 units £100 (€117) The development will include a 49% affordable homes provision, comprising 190 units for social rent and 147 for shared ownership.
10 Stratton Street office London Oval Real Estate, Strategic Value Partners Joint Treasure 41,577sqft £91 (€106) The transaction reflects a yield of 3.8%.
nine school projects education UK ABP INPP 9assets £58 (€68) INPP said the disposal forms part of its capital recycling programme to realise proceeds from mature assets.
Colonius Carré mixed Cologne Ashtrom Unicredit Investment Alternatives 14,700m2 €38 The space is for retail and office use.
PBSA portfolio living Sheffield, UK MCR Property Group Unite Group 1,163beds NA The portfolio comprises three developments: Archways, Leadmill Point and Westhill Hall.
Bicycle Works BTR scheme living Wolverhampton, UK Royal London Asset Management English Cities Fund (ECF) 331 homes NA The ECF is a partnership between Homes England’s National Housing Bank, Legal & General and Muse.
85% stake in Bubny regeneration project development Prague Penta Real Estate, AKIPIA J&T Group 250,000m2 NA The Bubny development, expected to attract €3.7bn in investment, will include up to 10,000 homes.
200-bed co-living development living London DFI Viewranks Estates 200 beds NA The project has a gross development value of £80m.
supermarket asset retail Malveira, Lisbon Clarion Partners Europe Vertente Group 4,385m2 NA The asset is pre-let to Portugal’s largest food retailer on a 20-year lease term.
GreenPoint living Copenhagen Ikano Bolig Catella, Nordkranen and an international investor 445 homes NA GreenPoint, a fully completed and fully let residential community, is being swapped for the Retortvej development project in Valby.
Campus residential property living Aarhus, Denmark Lærernes Pension CapMan Nordic Real Estate III Fund 209 apartments NA The asset was developed in a joint venture with Nordstern in 2020.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
New London House office block office London Whitbread 89,000sqft £150 (€175) JLL Whitbread bought the asset from Orchard Street Investment Management for £56.5m in September 2023.
Conrad Dublin hotel Dublin Archer Hotel Capital 192 rooms €130 NA The asset was bought in 2019 for €115m.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
ABN AMRO, Santander, Scottish National Investment Bank and Siemens Bank DataVita two data centres in the North Lanarkshire AI Growth Zone £300 (€350) The facility will fund the development of the schemes.
The Housing Finance Corporation Notting Hill Genesis Unsecured £250 (€292) The instalment fee facility will support NHG’s continued investment in its existing housing stock across London and fund the development of new affordable homes.
Aberdeen Investments-led consortium Office Space in Town (OSiT) four of OSiT’s Zone 1 London office buildings £129 (€150) Aberdeen is the senior lender in the refinancing agreement, having provided £72m.
Absa CIB, Nedbank CIB EPP four M1 shopping centres in Bytom, Częstochowa, Poznań and Radom €106 The lenders provided the financing in equal share.
Pbb BGO logistics portfolio in Poland €78 The 191,000m2 portfolio consists of five assets along key logistic destinations.
Libra Internet Bank Ghai Sant Ram Horizon City in Bucharest €36.5 The funds will be used to continue and accelerate construction works, with full project completion targeted for the first half of 2027.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
Urban Partners Urban Partners Credit II Whole Loan strategy Investing in senior secured real estate loans across the real estate value chain in the Nordics, specifically Sweden, Denmark and Finland, as well as Germany.
Nordika Nordika V Focusing on special situations and complex acquisition opportunities across the Nordics The value-add fund has raised €385m of equity commitments and is capped at €500m.
VGP, Areim Saga platform Focusing on high-quality logistics and semi-industrial properties across Europe The platform will target at least €1.5bn in gross asset value.

 

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