Investment manager Northern Horizon has acquired a nursing home under construction in Gothenburg, Sweden, from Swedish property and construction group Skanska for about SEK 240 mln (€25 mln).
The project consists of a 5,300 m2 retirement home with 72 apartments on five floors located in the center of Angered, Gothenburg. It is let to Nordic care provider Ambea.
Transfer of the property is scheduled for the spring of 2019, in connection with completion.
Northern Horizon said in early October that it had raised equity commitments of €189 mln for its Nordic Aged Care specialised care home fund.
The vehicle, which is targeting total equity of €250 mln, received the commitments from seven institutional investors and family offices from the UK, Continental Europe and the Nordics.
Nordic Aged Care was launched in 2016 and focuses on the development of high-quality care homes leased to public and private care operators on long lease contracts. The fund plans to deploy €500 mln into care homes and targets a 9% net IRR to its investors.
Northern Horizon is an independent real assets investment manager with four real estate funds under management and two separate account mandates from European institutional investors. The firm employs 50 professionals in its offices in Copenhagen, Helsinki, Stockholm, Berlin, Vilnius and Tallinn.
