7 August 2014:
Heikki Westerlund, CEO and senior partner, comments on the events during the review period and CapMan’s prospects:
"The size of our Nordic real estate fund grew by almost MEUR 100 in July. In total the fund has already invested in five new properties located in Denmark and Sweden. The fund is also a good example of a successful internationalisation of our investor base.
We exited from Yrjönkatu 17 property, Finlayson and the minority holding in LUMENE Oy. These exits had a favourable impact on our carried interest income.
The slow development of the Finnish and Russian economies still continues to affect the fair values of our own fund investments. However, the action programmes in the most challenging portfolio companies are being advanced.
Our financing position is good and our fee income and operational expenses are in balance. Moreover, we increased the maturity of our own financing by participating in a multi-issuer bond guaranteed by Garantia Insurance Company Ltd with MEUR 10 share.
More extensive fundraising rounds of our basic business operations will end this year. We are now preparing for the next steps in fundraising and in ensuring our competitiveness. In fundraising we aim to further broaden and internationalise our investor base.“
To read the full January - June 2014 Interim Report, please click here.
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