Storebrand Real Estate has achieved a first close of around €200m for its latest Nordic vehicle, which is seeking to raise €300m.

The manager said its newly launched Storebrand Nordic Real Estate (SNRE) II fund has already secured approximately two-thirds of its fundraising target from both new investors and those returning from the first fund in the series, adding that discussions are ongoing with both Nordic and European institutions.

Henrik Bastman, portfolio manager of SNRE I & II and CEO of Storebrand Real Estate Sweden, said: “Reaching approximately two-thirds of our fundraising target at such an early stage underlines the strength of our Nordic real estate platform.

“We are pleased to welcome both returning investors from SNRE I and new investors, all established Nordic institutions.”

The core-plus SNRE II fund invests in sectors supported by structural growth drivers, with a primary focus on residential, logistics, and social infrastructure. Other sectors, such as retail, hotels and office, will be considered on a selective basis, Storebrand said.

Bastman added: “We see clear advantages in returning to the market quickly with SNRE II, in order to capture the attractive opportunities currently emerging across the Nordic region. We expect to announce the fund’s first strategic acquisition shortly.”

Truls Nergaard, Storebrand Real Estate’s CEO, said: “The funds align with our strategic ambition to become a significant Nordic asset manager. It’s very motivating to see how successful we have been in this area.”

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