CapMan Real Estate: Global capital eyes the Nordics

Ilkka Tomperi, COO and Partner at CapMan Real Estate, says the tone this year is noticeably more cautious, with discussions centring on interest rates, geopolitics and income resilience.

Ilkka Tomperi, COO and Partner at CapMan Real Estate

“It’s back to basics,” he notes. “Where is the cash flowing, and how do you actively manage the properties? That’s how you protect returns in the short to medium term.”

Against this backdrop, CapMan Real Estate continues to attract rising international interest. Founded in 2005, the platform manages more than €6bn across the Nordics with Denmark, Sweden and Finland as their core markets. Although CapMan is a “purely Nordic” manager, 80% of its capital now comes from outside the region, with German investors forming a significant share.

CapMan’s model combines closed‑ended value‑add funds with open‑ended sector‑specific vehicles, giving global investors flexibility across risk profiles. The firm’s value‑add strategy spans the main property sectors, but three areas of particular focus are residential, social infrastructure, and hospitality. CapMan is now the largest private owner of hotel assets in the Nordics, supported by strong tourism growth in markets such as Denmark and Finland.

Social infrastructure is another expanding theme. Municipal facilities across the region are under pressure, and public authorities are increasingly open to operating from privately owned buildings. CapMan has long executed these assets in its value‑add funds and recently launched a dedicated income‑producing social real estate vehicle.

Value‑add opportunities remain highly market‑specific. “The Nordics are four very independent markets,” Tomperi says. “With our foot‑on‑the‑ground approach, we can identify pockets of opportunity.” A recent example is CapMan’s acquisition of the Hotel Crowne Plaza Copenhagen for repositioning in a market with strong demand fundamentals and clear value‑add potential.

Tomperi adds that CapMan’s strategy is increasingly shaped by the expectations of a more global investor base. Risk‑return preferences vary sharply by region: European investors span both value‑add and income‑focused strategies, while US capital tends to lean more heavily toward value‑add. Currency movements and interest‑rate differentials between regions can shift quickly, he notes, meaning CapMan must calibrate its approach to ensure its Nordic offering remains competitive across multiple investor profiles.