CapMan Nordic fund buys mixed portfolio in Copenhagen

CapMan Nordic Real Estate fund has signed an agreement to acquire a mixed-use portfolio in Copenhagen for an undisclosed amount.

SEB is providing bank finance for the deal.

The portfolio consists of seven city properties located along Amagerbrogade, a well-known high street leading to the centre of Copenhagen. In total the portfolio comprises 11,101 m2 of space, of which 69% is residential and 31% retail.

This is the second investment by the CapMan Nordic Real Estate fund, which completed its first closing in March 2013. The fund, with a spending capacity of €125 mln, made its first investment in December last year by acquiring the Silverdal 1 building located in Sollentuna in the Greater Stockholm area.

Capital raising for the fund continues, with final closing expected in 2014.

'The investment is perfectly in line with our value-add investment strategy of focusing on Nordic growth centres. We will add value by renting the vacant retail spaces and realising significant rental uplift through renovation of some of the residential space,' said Mika Matikainen, senior partner and head of CapMan Real Estate.

Keystone Investment Management is being retained as asset manager.