Nordic investor Nordika Fastigheter has teamed up with private investment manager Partners Group to establish a joint venture that will acquire a portfolio of properties from Nordika Funds I and II for a total of SEK 1.25 bn (€120 mln).
The property portfolio comprises seven assets with primarily long-term leases and a total lettable area of around 80,000 m2. Representing a mix of asset types, geographies and stable tenants, publicly-financed tenants back around 50% of the portfolio's Swedish income. It also includes value-add components, including approximately 15,000 m2 of building rights in Stockholm.
'We are active investors in the Nordic region and are confident in the future success of this new partnership with the Nordika team. The transaction gives our clients additional exposure to an attractive market and brings our real estate invested equity to €1 bn across the Nordic region,' said Stefan Lempen, co-head of European real estate at Partners Group. 'This portfolio exhibits fundamentals that align with our strategy, while offering a strong risk-adjusted return.'
The joint venture provides a complete exit for investors in Nordika Fund I and a partial exit for investors in Fund II. The Nordika team will continue to manage the properties under the terms of the new joint venture, into which the Nordika team has invested capital alongside Partners Group.
'We are proud that we managed to develop the properties in Funds I and II into long-term sustainable assets with greatly increased value as a result,' said Jonas Grandér, co-founder and CEO of Nordika. 'We have invested our capital in a responsible way, achieving an extremely attractive return for our Fund I and II investors relative to peers.'
'The portfolio is now stabilized and provides a good running yield with long-term leases. However, there is still more potential for upside remaining, which makes this new JV with Partners Group very attractive and we look forward to developing the portfolio together with them,' said Gabriel Cronstedt, co-founder of Nordika. 'Additionally, this JV enables Nordika to diversify our equity base outside the Nordic region, thus creating a more stable business long term.'
CBRE acted as Nordika's advisor and Pangea supported Partners Group.