CapMan's residential fund has acquired a forward funding project in Örebro from Swedish developer Serneke at a price of SEK 314 mln (€30 mln).
The project, the fund's debut deal in Sweden, includes 139 apartments scheduled for completion in Q4-2024. Situated in the new urban area Tamarinden, the scheme is located 2 km to the south of central Örebro, Sweden’s sixth largest city.
Mikael Hjorth, partner and fund director for CapMan residential fund, said: 'This first acquisition in Sweden fits very well with the fund’s investment criteria to invest in modern sustainable residential properties located in major Nordic cities.
'Through this investment in space efficient, high-quality apartments, we continue on our path to develop a diversified Nordic core residential rental portfolio with stable risk-adjusted returns for our investors.'
The project has high sustainability ambitions and specifications including onsite solar collector systems and rainwater collection areas for re-cycling rainwater within the local green areas. The project will pursue Miljöbyggnad green building certification at Silver level.
CapMan Real Estate currently manages approximately €4.0 bn in real estate assets. The real estate team comprises over 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.
The Örebro investment is the fourth acquisition for the CapMan residential fund, a core fund launched in June 2021, targeting €1.0 bn of equity during 2023.
