Northern European investment manager Northern Horizon said on Monday that it has 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.
As at 30 September 2017, the vehicle has acquired or committed to acquire through forward purchase or forward funding contracts a total of 33 care homes largely in Finland (30) and in Sweden (3), for a total acquisition cost of €151 mln.
'Our pipeline in Finland remains very strong, and we continue to find projects satisfying our return targets,' said Jussi Rouhento, head of Finland at Northern Horizon.
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.
