Press release -
Alma Property Partners raises €350 million of equity for Fund III
Alma Property Partners has raised nearly €350 million of equity capital for Alma Property Partners III, the firm’s third pan-Nordic opportunistic real estate fund. Alma focuses on value creating investments in the commercial and residential property sectors in Sweden, Finland, Denmark and Norway. The investors are mainly institutions from Sweden, Germany and the United Kingdom. The fund has an investment capacity of more than €800 million.
“The market for raising capital was difficult during this fundraising period and we are grateful to the investors from our prior funds who provided most of the capital for Fund III. We also raised capital from a handful of high quality European institutional investors that are new to Alma, including our first investors from Switzerland and Norway. With fresh capital at hand, Alma will be very active on the acquisition side in the coming years,” says Sloan Wobbeking, Partner & CEO at Alma Property Partners.
Alma’s third fund has already completed seven acquisitions across three investment strategies and there are several deals that are under exclusivity that will likely be completed in the coming months. All the properties acquired so far are in the light industrial and care sectors in Sweden and Denmark. The fund will be active on the acquisition side over the next few years as less than 10% of the equity has been committed to investments.
“I am grateful to both new and existing investors that we have been able to increase the fund size by close to 40 per cent despite a challenging fundraising market. We have deliberately been patient in committing the capital so far since it has taken time for market pricing to adjust to the new reality. It has been challenging to agree on pricing with sellers, but a few deals will be completed in the coming months and there are some attractive deals in our pipeline. We have a lot of dry powder to deploy, and we expect the market to loosen up in 2024,” says Simon de Château, Partner & CIO at Alma Property Partners.
The establishment of Alma Property Partners III AB was advised by Roschier and Svalner.
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Alma Property Partners is a real estate investment company focused on the Nordic Region and manages three opportunistic real estate funds with over €700 million in capital commitments. The company is built on the principles of active ownership and strong alignment with investors and is therefore fully owned by the management team. The team has extensive experience and a strong track record in Nordic real estate investment and asset management. Alma aims to be the partner of choice for institutional investors seeking real estate exposure in the Nordic Region. For more information, please visit almaproperty.se.
