CapMan completes €300m first close for new Nordic residential fund

CapMan has raised more than €300 million ($363 million) in a first closing of an open-ended Nordic residential real estate fund.

The newly established core fund is targeting €1 billion ($1.2 billion) of equity by 2023. The first close was backed by international investors, according to CapMan.

“There is tremendous investor demand for a product that invests exclusively in rental residential properties with a Nordic mandate,” said Mika Matikainen, managing partner and head of CapMan Real Estate. “We know this market very well and have good relationships with property owners and developers and believe that an active and local value-add management approach can add significantly to the core return profile.”

CapMan said the new fund enables the firm to continue its residential business in the Nordics, where it has acquired some €2.2 billion ($2.6 billion) of residential properties since 2014. The fund has already made its first investment: a seed portfol