Once completed in Q1 2022, the 5,300 sqm care home will include 80 apartments and feature environmentally friendly design, solar panels and geothermal heating. The building is expected to have 80% lower energy consumption than the standards set by the National Housing Board of Sweden and meet LEED Gold certification requirements. Vardaga (Ambea Group company) will lease and operate the care home on a long term basis.
We are very pleased to cooperate with our long term partner – Skanska Sweden on yet another project in Sweden. The developer has set out very ambitious sustainability goals for this property and this is exactly what we are looking for in the new developments. The care home also features excellent location near Gothenburg and will be a great addition to elderly care home supply in the region. We will continue looking for a similar acquisitions in Sweden featuring strong micro locations, market leading operators and developers with high sustainability targets, notes Jonas Nolin, Investment Director and Head of Sweden for Northern Horizon.
“Based on population forecast, senior age group (aged 75+) is projected to grow by ca. 900,000 in the Nordics by 2030, fuelling demand for an estimated additional 90,000 care beds. Northern Horizon is continuing to provide modern care facilities to meet the increasing demand. As part of our responsible investment approach, we engrain sustainability metrics at the core of our investment strategy. This acquisition is a prime example of sustainability thinking shared with our partners materializing in a tangible project, and also a strong testament of our team’s ability to invest capital in a challenging market environment” comments Riikka Moreau, Fund Manager in charge of Aged Care for Northern Horizon.
About the Nordic Aged Care Fund
Nordic Aged Care was launched in 2016 and it is Northern Horizon’s third specialized care home fund. The Fund helps the Nordic countries meet the challenge of a rapidly ageing population by funding the development of modern and high-quality care homes leased to leading public and private care operators on long lease contracts. The Fund has a target of €600 million gross asset value upon full deployment.
About Northern Horizon
Northern Horizon is an independent real assets investment manager with a focus on specialized strategies in Northern Europe. Northern Horizon has since 2007 developed and acquired more than 100 care homes for the total value of circa €800 million across four institutional care home funds. Northern Horizon currently manages three real estate funds and one separate account mandate for leading European institutional investors. The firm employs approx. 40 professionals in its offices in Copenhagen, Helsinki, Stockholm, Berlin, Vilnius and Tallinn.
