Fundraising - JANUARY 20, 2015

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Northern Horizon launches niche real estate fund

by Reg Clodfelter

Northern Horizon Capital has launched the Nordic Aged Care Fund, a $300 million niche core-plus real estate fund, according to sources familiar with the matter.

The fund will look to achieve a 9–10 percent IRR by investing in aged and residential care homes in the Nordic countries of Sweden, Finland, Norway and Denmark. The fund will generally target fully leased properties backed by inflation-linked leases, and the returns will be primarily income driven.

The care operator will be responsible for the operational side of the acquired assets, while the fund will serve as the owner.

Leverage will be used, but at a maximum of 50 percent loan-to-value. NHC will co-invest 1 percent of the fund’s capital. A final close is expected by year-end 2015.

Northern Horizon Capital declined to comment.

The firm recently ac

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