CapMan divests serviced apartment company to Bravedo

Nordic asset manager CapMan, via its Buyout X Fund, has completed the sale of Nordic serviced apartment provider Forenom Group.

Äkäslompolo hostel - Forenom

The buyer is a consortium headed by Nordic technology and services group Bravedo.
CapMan's investment in Forenom back in 2016 aimed to boost its growth and international presence. Under CapMan's ownership, Forenom has grown from a Finnish company to a dominant Nordic player, tripling its revenue and expanding its portfolio to more than 9,000 serviced apartments, aparthotels, and hostel rooms across key Nordic cities and Germany, supported by over 30 local offices and more than 500 employees. 
This transaction represents the final divestment from the CapMan Buyout X fund, established in 2012.
Anders Björkell, partner at CapMan Buyout, said: “I would like to thank Forenom’s management and all employees for the excellent cooperation over the years. I wish Forenom success under its new ownership.” 
Jussi Saarinen, CEO of Forenom, commented: “We would like to thank CapMan Buyout for playing an important role in the company’s development into a leading Nordic player. As we enter our next growth phase, Bravedo’s ownership provides us with even stronger opportunities to enhance our services, scale our operations, and meet the growing needs of our customers.” 
Heikki Raulo, head of Investments & Acquisitions at Bravedo, added: “During CapMan Buyout’s ownership period, Forenom has developed into a true leader in the Northern European serviced apartments market. While the operating environment in recent years has been far from easy, Forenom is now a platform into which Bravedo, together with our co-investors, can invest and further support its growth.” 
Earlier this week, CapMan Real Estate, through its Nordic Real Estate III Fund, sold Sadelplatsen 1, an office building in Solna near Stockholm, Sweden, to real estate company Vacse. 
Acquired in 2020 when largely vacant, CapMan transformed the 6,700 m2 property by securing a long-term lease with a Swedish law enforcement authority. The building will now be redeveloped for public sector use. This is the third exit for the fund, aligning with its strategy of divesting assets after value creation.