Nordika sells properties in Sweden and Finland on behalf of its Fund I and Fund II to the joint venture for a total of SEK 1.25 billion
Nordika has teamed up with Partners Group, the global private markets investment manager acting on behalf of its clients, to establish a joint venture that will acquire a portfolio of properties from Nordika Funds I and II. The property portfolio comprises seven assets with primarily long-term leases and a total lettable area of approximately 80,000 square meters. The portfolio constitutes an attractive mix of asset types, geographies and stable tenants, with publicly financed tenants backing around 50% of the portfolio’s Swedish income. The portfolio also comprises value add components, including approximately 15,000 square meters of building rights in Stockholm.
The joint venture enables 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.
Jonas Grandér – Founder and CEO of Nordika comments:
“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. We have invested our capital in a responsible way, achieving an extremely attractive return for our Fund I and II investors relative to peers.”
Gabriel Cronstedt – Founder of Nordika comments:
“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. Additionally, this JV enables Nordika to diversify our equity base outside the Nordic region, thus creating a more stable business long term.”
Stefan Lempen – Co-head European Real Estate, Partners Group:
“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 EUR 1bn across the Nordic region. This portfolio exhibits fundamentals that align with our strategy, while offering a strong risk-adjusted return.”
CBRE acted as Nordikas advisor and Pangea supported Partners Group