Brunswick Real Estate holds first close for Nordic debt fund

Brunswick Real Estate has held a first close for its second fund investing in senior debt in the Nordic region, raising €276 million ($294 million) for Brunswick Real Estate Capital II.

Brunswick Real Estate Capital II is an unleveraged closed-end real estate debt fund offering senior secured lending in Sweden, primarily in the range of SKr 200 million to SKr 600 million ($22 million to $65 million) per loan with a term of up to 10 years.

Brunswick Real Estate Capital is the credit arm of Brunswick Real Estate. In March 2015, the firm closed the first fund focused solely on Nordic real estate debt as an asset class. Brunswick Real Estate Capital I, formerly known as Leimdörfer Real Estate Capital I, has since been fully invested.

For the second fund, Brunswick Real Estate has sought funding from existing sources of capital, including Norwegian life insurer Kommunal Landspensjonskasse and Swedish PRI Pensionsgaranti. In addition, new investme