Northern Horizon’s latest care home fund hits €300m hard cap in final close
Northern Horizon’s third institutional healthcare real estate fund, the Nordic Aged Care Fund, was oversubscribed in its final close on 11 May 2018. The final closers consisted of a small group of European institutions, which included both new investors and investors who have invested into other Northern Horizon vehicles.
“Having exceeded our original €250m fundraising target, we are grateful for the trust the institutional investor community continues to place in us. The rapidly ageing population is one of the biggest societal upheavals of our time and we are proud to contribute to solutions to the challenges it presents. Our mission remains to fund the desperately needed new supply of modern and high-quality care facilities for those senior citizens who are no longer able to live independently”, says Michael Schönach, Fund Manager.
“This final closing now allows us to assemble a portfolio with an acquisition value of €600m. We are already about halfway through committing the Fund’s equity capital and we have a strong off-market pipeline for the other half. In cooperation with our network of developers, private and municipal care operators, and other stakeholders, we look forward to getting these deals done”, adds Andreas Michelsson, Portfolio Manager.
“Care homes have emerged as a liquid and recognised real estate asset class in its own right. We continue to see positive market development and opportunities with a good risk-return balance across the Nordics in this space”, confirm Jussi Rouhento, Head of Finland, and Christopher af Trampe, Head of Sweden.
About the Nordic Aged Care Fund
Nordic Aged Care was launched in 2016 and it is Northern Horizon’s third specialised care home fund. The Fund helps the Nordic countries meet the challenge of rapidly ageing populations by funding the development and acquisition of modern and high-quality care homes, leased to leading public and private care operators on long contracts. Northern Horizon were advised by Capra Global Partners and Loyens & Loeff during the fundraising.
About Northern Horizon
Northern Horizon is an independent real assets investment manager with a focus on specialised strategies in Northern Europe. Northern Horizon has since 2007 developed and acquired more than 100 care homes for its 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. 50 professionals in its offices in Copenhagen, Helsinki, Stockholm, Berlin, Vilnius and Tallinn.
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