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CapMan Real Estate sells retail centre Heron City


CapMan Real Estate press release
1 April 2022 at 2.10 pm EET

CapMan Real Estate sells retail centre Heron City

CapMan Nordic Real Estate I Fund has sold Heron City, a landmark retail centre to Serena Properties. The property has a total lettable area of approximately 49,000 sqm and is located in Kungens Kurva, one of the busiest retail areas in the Nordic region, 15 minutes from Stockholm city centre.

The property was originally acquired by CapMan Nordic Real Estate I, Varma and Cavendo in 2016, in a joint venture with CapMan as the majority owner and Cavendo as Operating Partner. Since acquisition the fund has carried out successful leasing and developed the property with substantial upgrade investments, many of which have aimed to improve energy efficiency and decrease energy consumption of the property. During CapMan’s ownership, annual energy usage has decreased by around 3 GWh.

We have futureproofed Heron City by improving quality and energy efficiency while reducing operating costs, thereby increasing the value of the property” says Per Tängerstad, Partner at CapMan Real Estate.

CapMan Real Estate currently manages over EUR 4 billion in real estate assets. The Real Estate Team comprises 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.

Heron City is the 18th exit of CapMan Nordic Real Estate I, a 2013-vintage value-add fund. The fund starts distributing carried interest starting from this exit. After this exit the fund has four remaining assets left in the portfolio. The team is currently investing from its third Nordic value-add fund, CapMan Nordic Real Estate III, which was established in September 2020 and has EUR 564 million in equity.

Read more about the reduced environmental footprint of Heron City on CapMan Real Estate’s website

For more information, please contact:

Per Tängerstad, Partner at CapMan Real Estate, tel. +46 70 591 23 00

Anna Reuterskiöld, Partner and Head of CapMan Real Estate Sweden, tel. +46 731 54 22 31

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 160 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.