We invest to generate attractive returns for investors by utilising local knowledge and industry expertise to enhance each property investment.


Our investment themes

We focus the following types of assets:

CAPITAL CITIES – Capital cities and surrounding areas together with other largest growth cities in the Nordics

HIGH VISIBILITY – High visibility, good access both by public and private transport

ESTABLISHED LOCATIONS – Established office locations attractive to Class A corporate tenants and/or public sector occupiers

SUB-MARKETS – Sub-markets with limited new supply and positive take up, with rents increasing

UNDER-MANAGED PROPERTIES – Under-managed properties with high vacancy, passing rents below market and/or inflated operating costs

FLEXIBLE LAYOUTS – Buildings with flexible layouts; possibility to configure for efficient multi-tenant occupation

GROWTH FOCUS – Growth city focus with strong underlying economic and demographic fundamentals

MODERNISATION & MANAGEMENT NEEDS – Older, typically rent-controlled apartments in need of modernisation, under-managed assets

SELECTIVE NEW BUILD – Selective new build projects and conversion schemes with well-reputed local development partners

NO ZONING RISK – No zoning or construction risk

GOOD CONNECTIONS – Properties close to major traffic hubs providing connections to cities, ports, airports, and transportation corridors

ESTABLISHED MARKETS – Established logistics submarkets

MODERN SPECIFICATIONS – Modern building specifications (e.g. enabling cross-docking configuration and sufficient ceiling height to meet the demands of future logistics and e-commerce)

ATTRACTIVE TENANTS – Strong covenant tenants

OTHER – Existing properties, sale-and-leasebacks, and build to suit

MIS-MANAGED ASSETS – Mis-managed assets or distressed opportunities in the largest Nordic cities

NECESSITY-ANCHORED – Necessity-anchored with good proportion of leisure (incl. F&B)

VISIBILITY – High visibility and footfall

LOCATION – City centres and/or close proximity to public transportation or leisure hubs

LEISURE & BUSINESS – Growing Nordic travel and business destinations

FLEXIBLE LEASE STRUCTURE – Lease structures featuring both fully inflation linked minimum rent plus a turnover component

STRONG OPERATORS – Strong Nordic and international hotel operators

LONG-TERM PLANS – Properties that can be enhanced in co-operation with a long-term tenant

CONVERSION – Selective conversion opportunities

URBAN LIVING – Urban and niche “living” sectors (e.g. student housing, senior living and care properties)

PUBLIC SECTOR – Creating flexible solutions with public sector tenants

URBAN REDEVELOPMENT – Locations benefitting from urban redevelopment and/or improving infrastructure creating new residential, retail, office and leisure hubs

CHANGE OF USE OPPORTUNITIES – Enabling highest and best use by working with municipalities and developers to re-vitalise obsolete buildings

STRONG RELATIONSHIPS – Leverage strong relationships with innovative operators (e.g. school and business space operators)

Our Funds

Fund Year Raised Status
CapMan Social Real Estate 2024 Undisclosed Actively investing
CapMan Residential Fund 2021 €803m Actively investing
CapMan Nordic Real Estate III 2020 €564m Actively investing
CapMan Hotels II 2019 €392m Actively investing
CapMan Nordic Property Income Fund 2017 €86m (non-UCITS) Actively investing
CapMan Nordic Real Estate II 2017 €425m Value creation & exit
BVK-CapMan Nordic Residential Mandate 2016 Undisclosed Actively investing
Kokoelmakeskus 2016 €47m Value creation & exit
CapMan Nordic Real Estate I 2013 €273m Generating carried interest