Nuveen, Heitman and Catella cite the favourable structural dynamics and recent price adjustments as attractions in the Nordic living sector.
Nuveen Real Estate and Catella both bought in Finland for new funds. In Nuveen's case it agreed to forward fund four Helsinki estates in its debut housing investment for its new European value add fund. Catella picked a portfolio in the greater Helsinki region for Catella European Residential (CER) no 3, a vehicle it claims as Europe's first crossborder residential 'dark green' Article 9 compliant fund.
Heitman chose Oslo for its maiden Norwegian residential-for-rent transaction in anticipation of good rental growth, saying the city has one of the lowest rates for new housing supply per capita in Europe.
The trickle of smaller transactions continues in London, where developer Greycoat closed an acquisition of a small Clerkenwell building from Legal & General IM and Great Portland Estates acquired a vacant office building in London's Fitzrovia in a property swap with the City Corporation.
Toby Courtauld, GPE's CEO, said the London-focused REIT is tracking £1.4 bn of acquisition opportunities 'which we believe are capable of being purchased at or below replacement cost.
'We have seen a correction in asset values over the last 18 months with central London commercial real estate now trading in line with levels last seen in 2009 in real terms.'
There were several disposals of small-to-medium-sized portfolios: by S Immo across Germany (€255 mln); Globalworth in Romania (€170 mln); Activum in Spain (€140 mln); and Partners Group in Sweden (€110 mln).
European banks were active in Italy, Slovakia, Germany and the UK and listed Swedish industrial propco Sagax issued a €500 mln green bond at a 1.55% margin to the swap.
The Irish press reported that the sale of one of Dublin's large regional shopping centres, The Square at Tallaght, could be foundering as the banks appoint a receiver to the Oaktree-owned asset.
