Northern Horizon has sold its Healthcare II fund to a fund managed by Evli.
The transaction values the fund’s 30-asset Finnish portfolio at €140.8 million ($171.97 million).
“The exit completes the story of one of the highest quality healthcare real estate portfolios in Finland,” said Jussi Rouhento, fund manager of the Healthcare II fund and Northern Horizon’s Head of Finland. “The portfolio consists of new assets 100 percent let on leases with an average remaining term exceeding 12 years. By exiting now, we were able to achieve a 50 percent capital gain on the equity invested. This is why we feel that it was in the investors’ best interest to exit now.”
It is the firm's second care home fund exit.
“The portfolio attracted strong interest from a diverse domestic and international buyer universe, highlighting the demand for the predictable and uncorrelated cash flows from this demographically driven real estate asset class,” said Michael Schönach, CEO of Northern Horizon and chairman of Healthcare II. “We remain committed to our on-the-ground care home portfolio assembly strategy through our third specialized fund, the Nordic Aged Care Fund, which invests in our entire Nordic home market.”
