CapMan Real Estate has completed the final close of its third Nordic value-add real estate fund, the CapMan Nordic Real Estate III fund, at €564 million of equity commitments, exceeding its target size of €500 million and reaching its hard cap.
Capman said the fund is the largest in its operating history. With leverage, the gross investment capacity of the fund exceeds €1.4 billion.
The fund was established in September 2020 and the efficient fundraising included Nordic; European; North American and Asian institutions, with more than 80% of commitments coming from outside the Nordics.
“We’re delighted to announce this record-breaking final close, despite the global pandemic. We would like to thank our investors for their confidence in the CapMan Real Estate team and the value-add product that we have developed over three vintages since 2013. The fund has already committed approximately a quarter of its capital to transactions in Sweden, Denmark, Finland and Norway,” said Nigel Pedroz, Partner at CapMan Real Estate.
In line with its predecessor funds, CapMan Nordic Real Estate III fund invests mainly in transitional offices and mixed-use assets as well as select residential strategies.
The fund focuses on the most liquid markets including the capital city regions and other major growth centres in Sweden, Finland, Denmark and Norway.