CapMan ends Finnish fundraising with €600m of firepower(2)

Nordic private equity firm CapMan has closed its second private real estate fund CapMan RE II with €150m in commitments.

CapMan RE II, the private equity real estate fund that targets Finnish property, has closed on €150 million ($201 million), giving it an acquisition capacity of €600 million with leverage.

The fund held its first closing at the end of September 2006, when its shareholders’ equity reached €139 million and the vehicle had an investment capacity of €556 million.

Altogether, 14 Finnish institutions  have provided capital to CapMan RE II. The fund’s management company, which is 80 percent owned by CapMan, committed €2 million to the fund.

“We are pleased that fundraising and the start of investment activities by the fund have progressed according to plans,” said Markku Hietala, head of CapMan Real Estate, in a statement today.

CapMan RE II is the first private equity fund in Finland to target property developments.

The fund has so far revealed four investments in the cities of Hämeenlinna, Tampere and Mäntsälä, all of which are in southern Finland about 200 kilometers from the capital, Helsinki.

The firm is considering a range of assets including logistics projects as well as offices, industrial properties, hotels, residential projects and public administrative buildings.