Storebrand Real Estate targets €300m with second Nordic real estate fund

Storebrand Real Estate is introducing its second Nordic real estate fund, Storebrand Nordic Real Estate Fund II (SNRE II), after the success of its initial Nordic fund. 

Henrik Bastman

The new fund aims to secure €300 mln in investments, with about two-thirds already pledged. 
The first fund, SNRE I, closed in December 2023 and has been almost entirely invested in a year and a half, with its most recent acquisition being two residential buildings in Copenhagen. These buildings provide 123 apartments across 10,952 m2. 
SNRE II will focus on a thematic core plus strategy within the Nordic region, investing primarily in housing, logistics, and social infrastructure, while selectively considering retail, hotels, and offices. The Luxembourg-based fund provides various legal ownership structures for different investor types. 
Storebrand Real Estate is also beginning a broader capital raise, inviting more investors to a second closing, and is currently in discussions with investors from both the Nordic region and Europe.
Henrik Bastman, portfolio manager for SNRE I & II and CEO of Storebrand Real Estate Sweden, said: “The fact that we have already secured approximately two-thirds of the capital raising target in an early phase shows the strength of our Nordic real estate offering. We are pleased to have attracted both existing investors from SNRE I and new investors – all well-established Nordic institutions. We see advantages in being able to quickly return to the market with SNRE II to exploit the attractive opportunities we now see in the Nordics. We hope to be able to present the fund’s first strategic acquisition soon.”
Truls Nergaard, CEO of Storebrand Real Estate, added: “The funds follow our strategic ambition to become a significant Nordic manager. It is very motivating to see that we are succeeding so well in this area.”
Storebrand Real Estate's Nordic fund portfolio is being further developed and expanded through SNRE I and II. 
Elvinger Hoss Prussen, Bruun & Hjejle, PwC, Colliers, and Rambøll have served as advisors during the process. Capital Investment has been engaged by SNRE I to manage the properties it has acquired.
Storebrand Real Estate oversees a property portfolio of around €8 bn, which includes 250 buildings and over 2 mln m2 of leasable space.