Northern Horizon has launched its third care home fund, Nordic Aged Care, raising €121 mln at first close.
Aviva Investors Global Indirect Real Estate is a cornerstone investor in the fund together with an unnamed European pension fund.
With the first close, the new fund is already half-way towards its €250 mln final close target.
'We already see a substantial shortage of care facilities across the Nordics to accommodate the present and future need for more beds and more flexible care. This creates a unique opportunity for private equity real estate investors,' said Michael Schönach, CEO of Northern Horizon.
Nordic Aged Care follows two predecessor funds that focused exclusively on care home assets in Finland. However, contrary to its predecessors, the new fund will look at assets also in Sweden, Norway and Denmark.
Northern Horizon's first fund, Healthcare I, this year made a portfolio exit while the capital of the second fund has been fully deployed.
Nordic Aged Care will focus on a mix of new-build assets, existing assets and assets for conversion. The fund will not be involved in the provision of care, but will rather lease the premises to private and public care operators.
Northern Horizon is being advised by Capra Global Partners on the fundraise.
