Alma Property Partners has raised nearly €350 mln of equity capital for Alma Property Partners III, the firm’s third pan-Nordic opportunistic real estate fund.
Alma focuses on commercial and residential property sectors in Sweden, Finland, Denmark and Norway. The investors are mainly institutions from Sweden, Germany and the United Kingdom. The fund has an investment capacity of more than €800 mln.
Sloan Wobbeking, partner and CEO, said: 'The market for raising capital was difficult during this fundraising period and we are grateful to the investors from our prior funds who provided most of the capital for Fund III.'
'We also raised capital from a handful of high quality European institutional investors that are new to Alma, including our first investors from Switzerland and Norway. With fresh capital at hand, Alma will be very active on the acquisition side in the coming years.'
Alma’s third fund has already completed seven acquisitions across three investment strategies and there are several deals that are under exclusivity that will likely be completed in the coming months.
All the properties acquired so far are in the light industrial and care sectors in Sweden and Denmark. The fund will be active on the acquisition side over the next few years as less than 10% of the equity has been committed to investments.
Simon de Château, partner & CIO, said: 'I am grateful to both new and existing investors that we have been able to increase the fund size by close to 40% despite a challenging fundraising market.'
'We have deliberately been patient in committing the capital so far since it has taken time for market pricing to adjust to the new reality. It has been challenging to agree on pricing with sellers, but a few deals will be completed in the coming months and there are some attractive deals in our pipeline. We have a lot of dry powder to deploy, and we expect the market to loosen up in 2024.'