Nordic private asset expert CapMan Real Estate has completed the final close of the CapMan Nordic Real Estate III fund (CMNRE III) at €564 mln of equity commitments, exceeding its target size of €500 mln.
The fund - the largest in CapMan’s operating history – is expected to have a gross investment capacity of over €1.4 bn including leverage.
The fund was established in September 2020 with participating investors including Nordic; European; North American and Asian institutions, with more than 80% of commitments coming from outside the Nordics.
‘The majority of capital came from investors that have invested in previous CapMan Real Estate funds, but there are also a significant number of new international investors,’ CapMan said in a statement.
In line with its predecessor funds, CMNRE III invests mainly in transitional offices and mixed-use assets as well as select residential strategies. The fund focuses on the most liquid markets including the capital city regions and other major growth centres in Sweden, Finland, Denmark and Norway. It may also invest selectively in other property sectors supported by prevailing megatrends.
‘We’re delighted to announce this record-breaking final close, despite the global pandemic. We would like to thank our investors for their confidence in the CapMan Real Estate team and the value-add product that we have developed over three vintages since 2013. The Fund has already committed approximately a quarter of its capital to transactions in Sweden, Denmark, Finland and Norway,’ said Nigel Pedroz, partner at CapMan Real Estate.
In addition to the Nordic value-add fund, CapMan Real Estate has several income funds.
CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of €3 bn in real estate assets.
