Catella Real Estate has launched Focus Nordic Cities, the first open-ended property fund for investment in real estate located exclusively in Scandinavia and countries bordering the Baltic Sea. The fund was launched on 3 September, with institutional investors as its target group.

Catella Real Estate has launched Focus Nordic Cities, the first open-ended property fund for investment in real estate located exclusively in Scandinavia and countries bordering the Baltic Sea. The fund was launched on 3 September, with institutional investors as its target group.

The initial portfolio is valued at EUR 115 mln and consists of five assets. In Norway, the fund has acquired one hotel in Stavanger and one in Kristiansand with a total value of EUR 65 mln. In the Swedish city of Karlstad, the regional headquarters of a major Finnish paper manufacturer has been purchased. The initial portfolio also includes a new building complex at the City-Süd in Hamburg worth EUR 25 mln. Another real estate transaction, also in northern Germany, is about to be finalised.

'We have already received commitments and inquiries from customers for a total investment volume of about EUR 150 mln,' CEO Andreas Kneip said.