Northern European management-owned Alma Property Partners has announced the closing of its first opportunistic property fund having raised SEK 1.4 bn (€150 mln) in capital from a number of institutions from Sweden, Germany, France and the UK.
The fund will have a spending power of SEK 4 bn, including leverage. It will focus on value-added investments in both residential and commercial properties in Sweden, Finland, Denmark and Norway.
'Completing the fundraising for our first fund is an important milestone. We are very grateful to all investors who have supported us,' said Sloan Wobbeking, Partner & CEO of Alma Property Partners.
The vehicle is already 60% invested, having completed a total of 14 transactions so far. It is expected to be 75% invested by year-end 2017, the company said.
'We have identified many attractive acquisitions, which led to the fact that we have already been able to invest a large part of the fund. We still have a strong pipeline of attractive investment opportunities. We believe that our focus on smaller transactions where we can release value through various active management strategies is a unique offer for investors seeking exposure to the Nordic real estate market,' commented Simon de Chateau, Partner & CIO of Alma Property Partners.
Probitas Partners and law firm Roschier advised the company on the fund launch.
