26/01/2026
2025 was an exceptionally active year for CapMan Real Estate and the Nordic real estate markets. The following overview summarizes key milestones from the year and provides a brief outlook for the period ahead.
20-year anniversary
CapMan Real Estate celebrated its 20th anniversary in 2025. To mark the occasion, CEO Mika Matikainen and COO Ilkka Tomperi shared insights with Green Street News. Read more (subscription required).
Team growth
The organisation now consists of 90 real estate professionals across four Nordic offices, with continued recruitment to strengthen capabilities and support long-term partner value.
Sustainability leadership
In 2025, CapMan Real Estate’s funds achieved an average GRESB score of 89.8/100, with four funds earning five stars and two receiving four stars. CapMan Residential Fund was recognised as both a global and regional leader in the 2025 GRESB Real Estate Assessment, reinforcing the platform’s commitment to sustainability and operational excellence.
Investment activity
In 2025, CapMan Real Estate executed several landmark tactical investments across hotels, residential and logistics, further expanding its Nordic footprint and enhancing portfolio diversification.
Highlights:
- Committed to 959 multifamily housing apartments driven by the compelling local market dynamics.
- Acquired 4,702 hotel rooms across 28 properties, significantly expanding the hospitality footprint.
Key transactions:
Acquisitio of Midstar Fastigheter AB
Acquisition of Midstar Fastigheter AB, a Nordic hotel portfolio with 28 assets, for CapMan Hotels II — establishing the largest private Nordic hotel platform. Read more.
Logistics asset acquisition in Mölnlycke
Acquisition of a brownfield logistics development project outside Gothenburg, Sweden, to develop a prime logistics asset in a key strategic location. Read more.
Multifamily project in Stockholm
Commitment to the forward purchase and forward funding of 467 multifamily projects in Stockholm.
Residential project in Glostrup
Investment into a 137-unit residential project in Glostrup, Greater Copenhagen. Read more.
Seminaari School exit
Sale of the Seminaari School property in central Hämeenlinna, Finland, generating a ca. 37% IRR and a 1.7x multiple for the CMNRE III fund. Read more.
Refurbishment of Mastola
Refurbishment of Mastola, a former logistics centre in Vantaa, Finland, into a modern cultural heritage hub. Watch the video.
Value creation
Active asset management initiatives drove strong operational performance in 2025, supporting long-term value creation across the portfolio.
Highlights:
- Leases: 10 major agreements secured to enhance stability and cash flow.
- Refurbishments: 20+ targeted upgrades to improve asset quality and tenant experience.
- Residential occupancy: Stabilised at 98%, demonstrating resilient demand in key markets.
Key transactions:
S6 office asset in Oslo
Leasing the entire S6 office asset (17,600 sqm) in Oslo to Visma on a 15-year agreement. Read more.
Mölnlycke logistic facility
Leasing 21,000 sqm (of a total 43,000 sqm) of the Gothenburg logistics development to Rexel. Read more.
Hotel lease agreements in Copenhagen
Conversion of the Grand Joanne Hotel Copenhagen to an NH Hotel and the Best Western Plus Airport Hotel Copenhagen to a Citybox hotel within CapMan Hotels II. Read more
Opening of Hagastrand
Opening of Hagastrand, a 215-room hotel in the heart of Stockholm’s Royal Haga Park. Read more.
Launch of Leona
Launch of Leona, CapMan Real Estate’s dedicated residential platform designed to provide effortless and enjoyable living. Read more.
Lease extensions with Strawberry
Signing of four lease extensions with Strawberry in the CapMan Hotels II fund. Read more.
Market Overview
The Nordic region continues to demonstrate resilience and strong long-term fundamentals:
- GDP growth: Nordic GDP is forecasted to outperform the Eurozone, with growth of 2.0% in both 2026 and 2027 (Eurozone: 1.4% in both years).
- Population growth: Capital cities are expected to grow at a 1.3% CAGR, supporting sustained housing demand.
- Fiscal strength: Nordic sovereign debt remains low at 43% of GDP, compared to 92% in the Eurozone.
- External balance: Current account surplus stands at 9.5%, versus 3.6% in the Euro area.
- Transactions: €33.4bn (Q3 2025 TTM), positioning the Nordics as the third most active market in the Eurozone.
Looking ahead
With solid market fundamentals and a strong pipeline, CapMan Real Estate maintains a positive outlook for the Nordic real estate sector. Continued focus on tactical investments and disposals, operational excellence, and sustainable value creation remains essential to delivering long-term results for partners.
CapMan Real Estate extends its warmest wishes for a successful and prosperous 2026.