Real Estate

Investment approach

CapMan Real Estate is a truly Nordic alternative in the real estate market. We invest mainly in office, retail, hotel and residential properties in Finland, Sweden, Denmark and Norway.


assets under management


equity raised since 2005


real estate transactions

CapMan Real Estate is a truly Nordic investor operating from its local offices in Helsinki, Stockholm and Copenhagen. We execute value-add equity strategies with a focus mainly on mid-cap, transitional office, retail and residential assets in the most liquid submarkets in Sweden, Finland, Denmark and Norway. We utilize best in class operating leverage and deploy a fully integrated platform to maximize NOI.

Adding value to Nordic real estate

Our investment approach is opportunity-driven: our market knowledge and local presence enables us to find the right targets and move fast. We identify suitable assets, improve them and sell stabilized core or near-core assets to institutional buyers.

Despite our opportunistic investment approach, we put a lot weight on defensive characteristics of the assets:

  • Attractive locations with easy access and good visibility
  • In-place income
  • Multi-let conficurations with flexible lay-outs
  • Options for alternative use
  • High technical quality

Besides pure value-add plays, we offer our clients also other select investment strategies such as income focused hotel and residential investments where our local value-add expertise can be utilised to enhance long-term returns.

We follow a targeted bottom-up approach

Our four main investment themes currently:

1. Prime suburban offices

  • High visibility, good access
  • Competitive rental level
  • Modern buildings with flexible layouts; possibility to configure for multi-tenant occupation
  • Attractive yield gap to core
  • Supporting infrastructure

2. Necessity-driven shopping centres

  • Suburbs of capitals and larger cities
  • Growing submarkets
  • Necessity-anchored
  • High visibility
  • Public transportation
  • Flexible space
  • Undermanaged assets

3. Select residential

  • Markets with strong underlying fundamentals
  • Rent-controlled apartments in need of modernisation
  • Distressed owners
  • Selective new developments
  • Office to residential conversions

4. Mega trends: Urbanization/Demographics

  • Demand for efficient urban living
  • New infrastructure creating growing retail, office and leisure hubs
  • Niche “living” sectors becoming mainstream
  • Change of use
  • Relationships with innovative operators of schools, business space, hospitality and corporates