Press release -
Storebrand Real Estate launches its second Nordic real estate fund
Building on the success of its first Nordic fund, Storebrand Real Estate is now launching its successor, Storebrand Nordic Real Estate Fund II (SNRE II). The new fund has a target size of €300 million, of which approximately two-thirds has already been committed.
SNRE I held its final close in December 2023 and, after a year and a half, it is now nearly fully invested. The most recent acquisition, an off-market transaction, comprised two residential assets in Copenhagen that align well with the fund’s Nordic core-plus strategy. Together, the properties total 10 952 sqm across 123 apartments.
First close for the successor fund
As the next step, Storebrand Real Estate has now completed the first close of SNRE II. The fund targets € 300 million, with approximately two-thirds already committed.
- Reaching approximately two-thirds of our fundraising target at such an early stage underlines the strength of our Nordic real estate platform. We are pleased to welcome both returning investors from SNRE I and new investors, all established Nordic institutions, says Henrik Bastman, Portfolio Manager of SNRE I & II and CEO of Storebrand Real Estate Sweden.
Fund strategy
SNRE II follows a thematic core-plus strategy with a geographic focus on the Nordics. The fund invests in sectors supported by structural growth drivers, with primary focus on residential, logistics, and social infrastructure. Other sectors, such as retail, hotels, and office, will be considered on a selective basis.
Based in Luxembourg, SNRE II offers a choice of legal structures tailored to different types of institutional investors.
Broader investor base
Following the first close, Storebrand Real Estate will now begin a broader fundraising process, inviting additional investors to join in a second close. Ongoing discussions are underway with both Nordic and European institutions.
- We see clear advantages in returning to the market quickly with SNRE II, in order to capture the attractive opportunities currently emerging across the Nordic region. We expect to announce the fund’s first strategic acquisition shortly, adds Henrik Bastman.
Expansion and Strategic Growth in the Nordics
SNRE I and II represent a further development and expansion of Storebrand Real Estate’s Nordic fund offering.
- The funds align with our strategic ambition to become a significant Nordic asset manager. It’s very motivating to see how successful we have been in this area, says Storebrand Real Estate’s CEO, Truls Nergaard.
Advisors in the processes have been Elvinger Hoss Prussen, Bruun & Hjejle, PwC, Colliers and Rambøll. SNRE I has appointed Capital Investment to manage the acquired assets.
Storebrand Real Estate currently manages a real estate portfolio of approximately € 8 billion, comprising 250 assets and more than 2 million sqm of lettable area. The property team numbers 80 professionals across the Nordic region.
Disclaimer: Investments involve risk and are intended for professional investors only. Historical returns are not a guarantee of future performance. Before investing, customers should review the fund’s key information and prospectus, which provide detailed insights into the fund’s characteristics and associated costs.
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Storebrand Asset Management is part of the Storebrand Group, managing over NOK 1500 billion of assets for Nordic and international clients.
